LMAX Group, a global fintech firm that operates multiple institutional execution venues for electronic foreign exchange and cryptocurrency trading, announced Thursday a partnership with SIX Swiss Exchange, a major stock exchange based in Switzerland, to launch crypto-asset futures will be cash-settled and centrally cleared.
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LMAX disclosed that it plans to launch the cash-settled crypto-asset futures products in the third quarter of 2022, subject to regulatory approval.
The fintech company said the products would include centrally-cleared Bitcoin and Ethereum futures, which will trade 23 hours, five days per week on release. However, the firm plans to extend trading to run 24/7 once full products are rolled out.
David Mercer, the CEO of LMAX Group, talked about the launch and said, “the crypto futures market is three times bigger than spot and by offering access to deep institutional liquidity, we are providing a significant market entry opportunity as crypto and blockchain finance evolves. This pioneering solution will close the gap, enabling round-the-clock crypto futures trading, seven days a week, meeting the needs of a rapidly growing number of institutional participants.”
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Last July, LMAX Group sold a 30% stake of its company shares to J.C. Flowers & Co, a U.S. private equity investment firm, to accelerate its future growth in FX and cryptocurrency markets. LMAX Group partnered with Flowers to accelerate the company’s next phase of innovation and growth and enable greater penetration in the FX and cryptocurrency markets globally, especially in the U.S. and Asia.
Established in 2010 and headquartered in London, LMAX Group operates five exchanges globally and matching engine infrastructure in Tokyo, London, and New York, which serve clients in more than 100 countries.
Over the last decade, the Group has developed a major institutional FX exchange. In 2018, the firm launched LMAX Digital, a leading institutional spot cryptocurrency exchange that serves over 500 institutional clients.
Serving banks, funds, asset managers, and retail brokerages in more than 100 nations, LMAX has built a strong global presence in the U.S., the U.K., Eurozone, and the Asia Pacific region.
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