ErisX wins DCO license from US CFTC

Posted 02 July, 2019

Chicago-based ErisX platform that offers crypto derivative trading services has announced positive determination from the US Commodity Futures Trading Commission regarding its application for a derivative clearing organization license.

The company spokesperson stated in the press release, this approval will enable ErisX to launch futures with settlement in assets on which contracts will be based.

"ErisX is unique in that for our digital asset market, we have divided the trading and settlement functions using traditional DCM (exchange) and DCO (clearing) models," as stated in the press release Thomas Chippas, CEO ErisX.

The launch of new services is expected in 2019, though the company management refused to comment on a more exact schedule.

According to the released report, the new branch called Eris Clearing will run in full compliance with the rules under the CEA including "establishing standards and procedures to protect members and participant funds".

Notably, the DCO license is the second milestone of the company this year. Earlier, it managed to receive permission to launch spot market. As a result, the company become able to provide users with a single platform for spot and futures once it introduces futures trading on digital assets, which is expected later in 2019.

The company noted:

"As a registered DCO, the ErisX clearinghouse will offer the clearing of digital asset futures contracts traded on ErisX’s regulated derivatives market, which will launch later this year".

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