U.S. LedgerX Obtains License to Deliver Cryptocurrency Derivatives from Commodity Futures Trading Commission

It has been revealed that U.S. RedgerX obtained a designated contract market (DCM) license from the American Commodity Futures Trading Commission (CFTC) to provide cryptocurrency derivatives. Therefore, LedgerX, which has been engaged in futures payment swaps and option transaction since 2013, will be able to offer new bitcoin futures trading.

Although the specific schedule for the service launch has not been revealed, the company's COO Juthica Chou is strongly motivated to offer the first Bitcoin futures in the United States before Bakkt.

From July 2017, as a derivative clearing agency based on the U.S. CFTC, the company provided derivative financial products such as cryptocurrency options to institutional investors. As of June 24th, Redger X was approved as a designated contract market (DCM) and has established a structure that allows bitcoin futures to be self-assessed (self-assigned) as of CME and Cboe.

The designated contract market (DCM) is where the exchange itself has the right to recognize futures and options products on its own. For example, when previous CME and Cbo started bitcoin futures trading, they use their own recognition to apply for a product with CFTC just before the service (No advance application required).

Of course, there are restrictions on the designated contract market (DCM), which should not violate the rules of the CFTC and the commodity trading law. However, the designated contract market is empowered. the additional walls of the new trade are low and is likely to be recognized by the CFTC.

Reporter Gina Lee (news@dailycoinews.com)의 기사 더 보기

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