ErisX, a Cboe Global Markets (Cboe: CBOE) company, announced it has introduced the ErisX Settlement Service, a solution designed “to help remove settlement risk for over-the-counter (OTC) crypto transactions.”
The offering expands ErisX’s suite of tools for institutional investors, “enabling them to settle OTC trades with other ErisX customers using a transparent U.S. licensed crypto spot market.”
The ErisX Settlement Service can be “accessed via standardized API or ErisX’s fully integrated Trading User Interface.”
Matthew Trudeau, Chief Operating Officer of ErisX, said:
“The ErisX marketplace was conceived from building blocks used in the traditional financial markets. Our newly launched ErisX Settlement Service responds to customer demand for a solution that helps remove settlement risk while also reducing the operational burden for OTC trading. We look forward to welcoming new investors to our crypto markets with an efficient and effective solution for clearing and settlement.”
As noted in the update, Cboe Global Markets claims to be “a leading provider of market infrastructure and tradable products, delivers cutting-edge trading, clearing and investment solutions to market participants around the world.”
The company is “committed to operating a trusted, inclusive global marketplace, providing leading products, technology and data solutions that enable participants to define a sustainable financial future.”
Cboe provides trading solutions and products in multiple asset classes, “including equities, derivatives and FX, across North America, Europe and Asia Pacific.”
As mentioned in the update, ErisX Futures are “offered through Eris Exchange, LLC, a Commodity Futures Trading Commission (CFTC) registered Designated Contract Market (DCM) and Eris Clearing, LLC, a registered Derivatives Clearing Organization (DCO).”
The CFTC does “not have regulatory oversight authority over spot market trading of virtual currencies.” ErisX Spot Market is “not licensed, approved or registered with the CFTC and transactions on the ErisX Spot Market are not subject to CFTC rules, regulations or regulatory oversight.”
ErisX Spot Market is “offered through Eris Clearing, LLC, which is licensed to engage in virtual currency business activity by the New York State Department of Financial Services and holds licenses in other U.S. states and territories.”
ErisX offers individuals and institutions “a single, innovative platform to access crypto spot and futures markets.”
By combining professional tools, advanced technology, sophisticated regulatory oversight, and a diverse product set, ErisX reportedly “offers compliant, capital markets friendly workflows to digital market participants.”