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LMAX Group now supports cryptocurrency futures, tapping into growing appetite of institutional investors
London-based global financial technology company LMAX Group has partnered with SIX, a prominent stock market operator that has a presence in Switzerland and Spain in order to launch cash-settled Bitcoin and Ethereum futures.
The rollout of the derivatives product is expected to take place in the third quarter of 2022. For now, it is yet to be approved by local regulators.
Futures will initially be available for five days per week, but the two companies expect to eventually enable round-the-clock crypto.
The upcoming launch of Bitcoin and Ethereum futures by LMAX highlights the growing significance of cryptocurrency assets for institutional investors.
LMAX CEO David Mercer says that the new offering will provide market entry opportunities for more institutional participants by offering deep liquidity. He underscored that the cryptocurrency futures market is three times bigger than the spot market.
Javier Hernani, head of the securities services at SIX, called the partnership with LMAX “a major milestone,” adding that the cryptocurrency is making substantial progress in terms of its cryptocurrency clearing strategy.
In September, SIX obtained regulatory approval in order to launch its digital bourse, which has enabled blockchain-based trading, custody and settlement infrastructure. The move was viewed as a watershed moment for crypto acceptance in Europe.
This January, Atlanta-based investment management company Invesco listed its Bitcoin exchange-traded product (ETP) on Switzerland’s stock exchange. Boston-based mutual fund giant Fidelity recently announced that it would launch its first Bitcoin ETP on Zurich’s exchange.
Last year, SIX surpassed 100 listed ETPs linked to various cryptocurrencies.
Back in 2019, the Zurich-based exchange launched the world’s first crypto index product.
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