• Tue, 10 Dec 2019, 06:37 PM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Seed CX’s subsidiary starts user acceptance testing of physically-settled bitcoin swaps

Wed, 14 Aug 2019, 04:40 am UTC

Seed SEF, a subsidiary of cryptocurrency exchange Seed CX, has started user acceptance testing (UAT) of its physically-settled bitcoin derivatives.

Seed SEF was licensed as Swap Execution Facility (SEF) by the Commodity Futures Trading Commission in 2016. It plans to offer a market for CFTC-regulated digital asset derivatives.

In a press release dated August 13, Seed SEF said that it has opened its UAT environment to customers to begin trading on its matching platform.

In addition to being physically-settled, the bitcoin swap to be listed by Seed SEF will also be margined, allowing market participants to enter into a leveraged position to buy or sell bitcoin for physical delivery at a later date. The company will use a Value-at-Risk based margin methodology to calibrate initial margin requirements for the product.

“We’re very excited to have begun user testing of our physically-settled Bitcoin derivative product,” said Brian Liston, Seed CX co-founder and President. “We’re at the final step. With the successful completion of testing and regulatory review, we will be able to launch a much needed margined, physically-settled digital asset derivative to U.S. customers.”

Seed SEF intends to incrementally list a combination of weekly and monthly contracts so that there will be four upcoming weekly contracts at any point in time – four upcoming weekly contracts, three upcoming serial monthly contracts, and two upcoming quarterly monthly contracts. Weekly contracts will expire on the Friday of each week, while monthly contracts, including the quarterly monthly contracts, will expire on the third Friday of the month to which the contract relates.

The delivery of Seed SEF’s derivative products will take place through its affiliate, Zero Hash, which was recently granted a virtual currency license by the New York Department of Financial Services.

Meanwhile, Bakkt, a subsidiary of New York Stock Exchange’s (NYSE) parent company Intercontinental Exchange (ICE), also started UAT for bitcoin daily and monthly future contracts last month.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $7,284.75 (-2.58%)
  • Ethereum (ETH) $145.96 (-1.82%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $207.77 (-1.03%)
  • Litecoin (LTC) $44.57 (-1.21%)
  • Bitcoin (BTC) $7,284.75 (-2.58%)
Dec 10, 2019 (Tuesday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: XMR/USD fails at 21-EMA, bearish bias builds, scope for downside resumption
LedgerX founders temporarily replaced after derivatives provider collided with CFTC
BNY Mellon, Credit Suisse moved funds for Telegram during $1.7B token sale: Report
Crypto Technicals: BCH/USD extends range trade below 5-DMA, resumption of weakness to see dip till 187 (Trendline)
Crypto Technicals: XRP/USD capped at 21-EMA, extends weakness for the 2nd straight session
Brazil to impose fines on individuals failing to declare cryptocurrency transactions
Huobi US to cease operations on Dec. 15
Bakkt launches options and cash-settled futures products
Crypto Technicals: ETH/USD capped at 20-DMA, 'Bearish Engulfing' to plummet prices
South Korea to impose capital gains tax on crypto transactions; Bill slated for introduction in 2020
Crypto Technicals: BTC/USD rejected at 21-EMA, invalidates scope for upside
Italian copyright pioneer collaborates with blockchain firm to protect intellectual property
China to launch first phase of digital currency pilot program by end of 2019: Report
Dec 9, 2019 (Monday)
Blockchain-based social media platform Voice to release public beta in February 2020
Crypto exchange OKEx to launch options trading this month
Cryptocurrencies could replace fiat currencies by 2030, says Deutsche Bank
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.