LMAX Group eyes launching crypto futures product with Switzerland's SIX

Exchange operator LMAX Group has partnered with Swiss financial services group SIX to launch a crypto futures product, adding to an industry-wide push into derivatives.


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According to a statement today, LMAX's cash-settled crypto-asset futures product is set to launch in the third quarter of 2022 depending on regulatory approval and will include USD-settled BTC and ETH futures. While it will initially be traded 23 hours a day, five days a week, the company plans to extend this to a 24/7 rollout at an undisclosed date. 

"The crypto futures market is three times bigger than spot and by offering access to deep institutional liquidity, we are providing a significant market entry opportunity as crypto and blockchain finance evolves," David Mercer, CEO of London-based LMAX, said in the statement. "This pioneering solution will close the gap, enabling round-the-clock crypto futures trading, seven days a week, meeting the needs of a rapidly growing number of institutional participants.”

The launch follows several other key players in the crypto sector making moves into derivative markets. Earlier this week, Coinbase outlined its pathway to offering a derivative product after announcing its acquisition of FairX. Crypto exchange FTX.US is also moving forward with its plan for a crypto futures product. 

About Author

Tom is a deals reporter at The Block covering venture capital, fundraises, fintech and M&A. Before joining, he was an editorial intern at the FT-backed platform Sifted where he reported on neobanks, payment firms and blockchain startups. You can reach him by email at [email protected] or Telegram @tommatsuda.