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Crypto exchange ErisX has obtained derivatives clearing organization (DCO) license from the United States Commodity Futures Trading Commission (CFTC).
As per its press release on July 1, ErisX will make digital asset future contracts available for trade on its derivative markets, which are expected to roll out later this year.
Describing its platform as unique, ErisX CEO Thomas Chippas said it has separated the functions of trading and settlement by having both traditional DCM (exchange) and DCO (clearing) models.
“This reflects the structure that institutional investors expect from other asset classes and will help drive these markets toward greater relevance and accessibility,” Chippas said.
The planned clearinghouse will also conform to the Commodity Exchange Act (CEA)’s 17 core principles, which include risk management and rule enforcement policies to safeguard the funds of its members and participants.
“By establishing a marketplace and developing infrastructure typically associated with traditional markets, ErisX has eliminated many of the obstacles institutional investors face in accessing digital assets,” Don Wilson, CEO of DRW, said.
Just recently, the CFTC has also approved the application of another crypto derivative and clearing platform LedgerX for designation as a contract market. LedgerX can now offer bitcoin spot and physically settled derivatives contracts including options and futures to retail clients of any size.
