Regulated Digital Asset Derivatives Trading

The ECB outlines goals for DLT wholesale settlement trials, the mathematical case for Bitcoin, and why tokenisation does not mean liquidity according to Anton Golub. All the above and more in this week's edition of The Digital Upload.

Bitcoin overtakes Silver by market cap to clinch 8th spot of the world's most valuable assets, the Journal of Financial Regulation chimes in on how (not) to regulate DeFi, and how to prevent future bank bailouts. All the above and more in this week's edition of The Upload.

Bitcoin overtakes both the British Pound and the Swiss Franc to claim its spot as the fifth-most valuable global currency according to Porkopolis Economics, Brazil's BTG Pactual launches its stablecoin on Crypto.com, and The Federal Reserve issues practical insights on the USDC de-pegging last year All the above and more in this week's edition of The Upload.

Deloitte US asks top public and private executives about their regulatory and compliance expectations for digital assets in 2024, Blockworks’ Mike Ippolito looks at crypto's prefunding problem, and Citi Group collaborates with Wellington and Wisdom Tree to explore tokenised private funds. All the above and more in this week's edition of The Digital Upload.

We're thrilled to announce the successful close of our recent $30m Series B investment round, led by M&G Investments. With this milestone, we welcome new institutional investors to our register, including Hivemind, SNZ Capital, HashKey Capital and IN. Capital. We're also grateful for the continued support from our existing investors, such as byWiT.

SEC Commissioner Hester Peirce offers her take on the spot Ethereum ETFs and their upcoming approval deadlines in May, QCP Capital is out on their Web-3 watch, and the Ex-LCH Group CRO asks what the trade-offs are between settlement times and deferred netting. All the above and more in this week's edition of The Digital Upload.

The Federal Reserve debates monetary policy under a new toolkit, the BoJ sets its eyes upon a CBDC, and the wider significance of Coinbase vs the SEC. All the above and more in this week's edition of The Upload.

The European Parliament votes on new AML rules for Digital Asset Service Providers (DASPs), Morgan Stanley's Head of Digital Asset Markets - Andrew Peel - asks whether well see "Digital (De)Dollarization?", and what experts are anticipating from markets in 2024. All the above and more in this week's edition of The Upload.

The United Nations notes its concerns around Tether, CoinShares is set to acquire digital assets firm Valkyrie, and attention has already switched to the upcoming Spot ETH ETF deadlines. All the above and more in this week's edition of The Upload.

Welcome back to one and all, we hope that 2024 has kicked off with a bang for you. In this week's edition of The Upload, we discuss the likelihood of the SEC approving the spot BTC ETF, the key takeaways from Bitwise's annual investor survey, and Arthur Hayes outlines three potential macro risks on the horizon. All the above and more in this week's edition of The Upload.

M&G Investments leads GFO-X Series B funding round, Van Eck joins Standard Chartered with calls for $100,000 Bitcoin, and the ECB publishes an interesting Bitcoin working paper and its exchange rate volatility.

M&G Investments is the £332 billion asset management arm of M&G plc Global Futures and Options Ltd (GFO-X), through its strategic partnership with LCH SA, is the UK's first regulated and centrally cleared trading venue dedicated to digital asset derivatives M&G's investment will help support the growth of regulated digital assets, and create a global hub for the trading and clearing of digital asset derivatives M&G will join the Board of GFO-X Holdings London, 10 December 2023 – GFO-X today announces that M&G Investments has led a $30m Series B funding round for the Company and will join the Board of Global Futures and Options Holdings. The strategic investment will fund GFO-X through its forthcoming launch and support future innovation in the regulated digital asset sector, enhancing trust and credibility in the market. GFO-X services the significant unmet need of large global institutional participants. They require the certainty of a safe, regulated trading venue enabling them to trade digital asset derivatives at scale while protecting their client's assets. A 'regulation first' approach has already enabled GFO-X to achieve trust and credibility with the largest institutions. GFO-X's goal is to bring partners along the journey of innovation, step by step, as digital assets deliver more sophisticated institutional grade products. In April 2023, GFO-X announced a strategic partnership with LCH SA, London Stock Exchange Group’s (LSEG) Continental European clearing house. LCH SA will introduce a new, segregated central counterparty clearing service, LCH DigitalAssetClear, subject to regulatory approval. LCH DigitalAssetClear is focused on counterparty credit, risk management, and the settlement needs of the digital asset derivatives market as institutional products develop. This partnership will provide a unique and powerful service offering, combining GFO-X's deep understanding of the digital asset market, optimised contract specifications and high-performance technology capable of operating 24/7, with LCH SA's strong client base and proven risk management capabilities. M&G Portfolio Manager, Jeremy Punnett, says: “The lack of regulated trading venues is materially hampering the growth of the crypto derivatives trading market. The UK has the potential to become a global hub for crypto asset technology and investment, making London an excellent destination for GFO-X’s new global trading venue. This investment enables GFO-X to scale its operations as the business is set to benefit from investors shifting their trading from unregulated to regulated venues.” Arnab Sen, CEO of GFO-X , says, "Evolving regulation will bring digital assets into mainstream finance. This transition demands traditional market structures to solve the multiple risks currently associated with the digital asset market. However, building a regulated financial market ecosystem is complex, time-consuming and expensive, and the pitfalls of taking shortcuts are now clear for all to see. The long-term viability of digital assets and the digitisation of real tangible assets requires careful collaboration between traditional market participants and modern innovators. Having a patient long term capital partner such as M&G is crucial as we build the next generation of global financial market infrastructure for digital assets. " Corentine Poilvet-Clédière, CEO, LCH SA says, “LCH SA is excited to be working with GFO-X, together with the industry, to provide a regulated marketplace for Bitcoin index futures and options as we look to expand our services to become a truly international clearing house. We look forward to the launch of the service, ensuring the safe growth and development of this asset class as demand from institutional market participants grows.” Please see HERE for the M&G Investments Press Release. For further information: Serra Balls, Eterna Partners for GFO-X gfo-x@eternapartners.com +44 (0) 7775763018

Bitcoin joins the world's top 10 assets, the Treasury Select Committee poses questions on a digital pound, and crypto fund flows reach an 18-month high. All the above and more in this week's edition of The Digital Upload

The European Banking Authority launches another crypto AML consultation, a one-page cheat sheet on all things related to stablecoins, and the FT asks what is next for the old guard of crypto. All the above and more in this week's edition of The Digital Upload

Michael Barr speaks about real-time payments and the next generation of US banking regulation, a Bank of International Settlement survey finds CBDC privacy features are critical to its degree of adoption, and Fidelity Digital Assets issues a response to the common Bitcoin criticisms. All the above and more in this week's edition of The Digital Upload

A cabinet reshuffle brings back some old-faces and sees Andrew Griffith move on, new standards for crypto tax data rules agreed upon, and the European Banking Authority launches its latest set of consultations. All the above and more in this week's edition of The Digital Upload

The BoE opens to the idea of using stablecoins as a means of payment, the Digital Monetary Institute agrees that the development of wholesale CBDCs will be gradual, not revolutionary, and, Blockdata seeks to provide best practices for risk-based compliance programmes for crypto. All the above and more in this week's edition of The Digital Upload

Wisdom Tree plans to launch more digital funds, 'what is commodity money?', and the next steps for the Digital Euro. All the above and more in this week's edition of The Digital Upload

Morgan Stanley Wealth Management asks when the next crypto spring will come, The EU adopts new crypto tax rules, and the New York Attorney General alleges fraud against Gemini, Genesis, and DCG. All the above and more in this week's edition of The Digital Upload

Is Bitcoin really an inflation hedge? Tokenisation continues to see momentum as the Reserve Bank of Australia Assistant Governor chimes in on its uses, and a single tearsheet for everything Ethereum related. All the above and more in this week's edition of The Digital Upload

The options market OI growth outstrips Perpetual growth by over 4X, how regulators are trying to rebuild trust in the digital assets ecosystem, and a day-by-day update on the FTX trial, by The Unchained Podcast. All the above and more in this week's edition of The Digital Upload

The World Federation of Exchanges (WFE) published its six recommendations for crypto trading venues, an editor’s review of the most recent regulatory enforcement actions, and UBS pilots their own tokenized money market fund on the Ethereum blockchain. All the above and more in this week's edition of The Digital Upload

Q3's big talking points very much revolved around the flurry of both Spot and Futures ETF applications by large U.S. Asset Managers for both Bitcoin and Ethereum. All the while, the FSB issued its crypto regulation recommendations, and XRP came out on top against the SEC after a three-year court case (...although that may change)... All the above and more in this quarter's re-cap of The Digital Upload

The IMF chimes in on CBDC development, Citi Securities Services to provide digital custody for BondbloX, and is Bitcoin a "maturing asset"? All the above and more in this week's Digital Upload

The FCA lays down the laws of the land for crypto marketing, The Federal Reserve wants to regulate Stablecoins and a Flow Traders report shows how differing levels of BTC allocation in a traditional 60/40 would pan out. Find all this and more in your weekly edition of The Upload.

Jacobi FT Wilshire Bitcoin ETF goes live on Euronext, MAS finalises its Stablecoin legislation, and Fidelity Digital research finds miners should continue to mine over buying Bitcoin Find all this and more in your weekly edition of The Upload.

Ex-SEC chief says there won't be any ETF approvals until we have a Republican sat as SEC chair, Fidelity Digital Assets makes the case why Bitcoin should be seen as a monetary good, and analysis behind PayPal's recently unveiled PYUSD. All the above and more in this week's Digital Upload

A Flurry of Bitcoin and Ethereum-related ETFs were proposed last week, the optimal BTC allocation in a portfolio revealed by BlackRock, and India publishes its G20 Presidency Note on the crypto regulatory framework ahead of the IMF and FSB's synthesis paper. All the above and more in this week's Digital Upload

A&G, a Spanish Private Bank, is set to offer clients crypto funds, BCG reports on how to best manage the next wave of digital currencies, and Moody's publishes a report on the threat of cyber risk to tokenized bonds All the above and more in this week's Digital Upload

We listen in on what digital assets mean for the future of money, the Banque de France releases its findings and recommendations from its wholesale CBDC experiments, and the countdown begins with only 40,000 blocks remaining until the halving. All the above and more in this week's Digital Upload

We listen to a Securities Law professor talk about the landmark XRP ruling, the Financial Stability Board issues its latest recommendations for the industry, and WisdomTree offers its new Prime offering in 21 U.S. states

US trading hours lead BTC gains, The UK's FCA issues a compliance deadline for crypto promotions, and a spot BTC ETF approval isn't far away says Bernstein All the above and more in this week's Digital Upload

Like the first quarter of this year, Q2 has offered just as many newsworthy headlines, from BlackRock setting off a chain of new and renewed spot ETF BTC applications, to the SEC approving two crypto brokers, and Hong Kong opening its doors to all exchanges. All the above and more in this quarter's 'Looking Back'

BlackRock files for a spot Bitcoin BTC, results are in from Project Rosalind, and the BIS issues a working paper discussing “The Crypto Multiplier” All the above and more in your weekly edition of The Digital Upload

Hong Kong Invites all crypto exchanges, Fed to the ‘delay’ rising rates, and ASX takes a step backward?

Physically Backed ETFs don't seem to have won the regulator's favour, the final 50,000 blocks, and The WEF chimes in on the necessary steps for crypto regulation All the above and more in your weekly edition of The Digital Upload

In this week's edition, we wrap up the key regulatory takeaways from Andrew Griffith's panel at the FT's Crypto and Digital Assets conference. We also share highlights from our CEO's speech All the above and a summary of the panels from the FT's Spring Crypto and Digital Asset Summit in your weekly edition of the Digital Upload

Franklin Templeton files for their Blockchain Fund II, giving investors access to cryptocurrencies, the EU falls under pressure to extend clearing access, and OpenAI CEO, Sam Altman, raises $100mn for his latest foray into blockchain.

DWS announces partnership with Galaxy Digital, Mastercard launches a crypto credential solution, and the ECB unveils a new project for wholesale DLT settlement. All the above and more in your weekly edition of The Digital Upload

Soc Gen unveils their own EURCV Stablecoin which is to be issued on the Ethereum public blockchain, the race for clear regulation and guidance heats up as the CEO of Coinbase meets with the UK Economic Secretary to the Treasury placing a vote of confidence in The City's ability to deliver reform, and Franklin Templeton's tokenized MMF passes US $270 AUM. All the above and more in your weekly edition of The Digital Upload

Arta TechFin and GFO-X partner to enhance global liquidity and trading services of regulated digital asset derivatives Agreement to collaborate on the creation of product and provision of services relating to digital asset derivatives. Hong Kong and London – April 20, 2023: Arta TechFin Corporation Limited (“ARTA”) and Global Futures and Options Limited (“GFO-X”) today signed a Memorandum of Understanding and announce a strategic collaboration to create new and innovative digital asset derivative products tailored for both an Asian and UK/European customer base. GFO-X brings a regulated venue to grow the global liquidity pool for digital asset derivatives. ARTA will bring Asian-based client flow via regulated, cash-settled, derivatives solutions. The combination of GFO-X and Arta, which brings together a regulated institutional platform seeded with global liquidity, solves for the key gap between Asian and US trading hours, resolving client’s pain points and expediting institutional and family office’s adoption of digital assets in both regions. In 2022 ARTA invested in GFO-X alongside other institutional investors and family offices. Authorised and regulated by the UK FCA (Financial Conduct Authority), GFO-X is the UK's first regulated and centrally cleared trading venue dedicated to digital asset derivatives . GFO-X recently announced a partnership with London Stock Exchange Group’s LCH SA. Subject to LCH SA’s regulatory approvals and requirements, GFO-X strives to ensure digital asset derivatives’ trading and clearing requirements and growing demand can be met within a secure, highly regulated environment. Arnab Sen CEO of GFO-X said: “We are delighted to announce this collaboration with ARTA. We look forward to working together to leverage each other’s geographical expertise to enhance our service offering to a significant and differentiated Asian customer base. GFO-X is regulated in the UK but has strong roots in Asia with our significant presence and heritage in Hong Kong. We see great potential in the growth and appetite for regulated digital asset derivative products in Asia.” Eddie Lau, CEO of ARTA said: “We are excited to partner with GFO-X in creating innovative digital asset solutions and offering the best global products to our clients. We bridge the gap between Asian and European flows and enable clients to take advantage of structural trading opportunities. Furthermore, our strategic investment in GFO-X shows our commitment in building up regulated digital asset ecosystem with leading global players.” About ARTA Arta TechFin is a hybrid financial (HyFi) platform bridging traditional finance with blockchain-based financial system via technology innovations. Our regulated one-stop solution enables corporates, financial institutions, and family offices to access traditional assets and digital assets. ARTA, through its various subsidiaries, are licensed under Hong Kong Securities and Futures Commission. Other licenses include Hong Kong Stock Exchange participant, insurance brokerage license, trustee license and money lending license in Hong Kong as well as Eurex participant in Germany. Further information can be found HERE Media Enquiries : Serra Balls, Eterna Partners for GFO-X gfo-x@eternapartners.com +44 (0)7775 763 018 Ayishah Ma, Arta TechFin ir@artatechfin.com +852 3513 8010

GFO-X is the UK's first regulated and centrally cleared trading venue dedicated to digital asset derivatives GFO-X is authorised and regulated by the UK FCA (Financial Conduct Authority) to operate an MTF (Multilateral Trading Facility) LCH SA will introduce a new, segregated clearing service, DigitalAssetClear, for cash-settled Bitcoin index derivatives traded on GFO-X Launch is currently scheduled for Q4 2023, subject to completion of LCH SA regulatory approvals London, 13 April, 2023: GFO-X, the institutional-grade trading venue dedicated to digital asset derivatives, today announced a strategic partnership with LCH SA, an LSEG (London Stock Exchange Group) business, to launch the UK’s first centrally cleared trading venue for digital asset derivatives. At launch, GFO-X will offer trading in cash-settled BTC index futures and options. GFO-X in partnership with LCH SA will offer clearing on cash settled digital asset index derivatives, adding much needed trust to the digital asset derivative ecosystem. Underpinned by traditional market structure, evolving regulation will bring digital assets into mainstream finance. GFO-X is taking the first steps to extracting efficiencies from new technologies within a traditional market structure, with the goal over time of delivering 24/7 trading to global regulated digital asset markets. GFO-X and LCH SA have been working with an advisory working group comprising the world’s leading investment banks, trading firms and liquidity providers to optimise product design and risk methodologies. Arnab Sen, CEO and Co-Founder of GFO-X said “ Recent market events in the trading of digital assets have highlighted the need for a safe, regulated venue where large financial institutions can trade at scale, while keeping their clients’ assets protected. LCH delivers proven risk management capabilities across a range of asset classes and some of the most sophisticated clearing services in financial markets today. As the UK’s first regulated and centrally cleared trading venue focused entirely on digital asset futures and options, our joint vision is to ensure digital asset derivatives’ trading and clearing requirements and growing demand can be met within a secure, highly regulated environment.” Commenting on the new service, Frank Soussan, Head of LCH DigitalAssetClear said: “Bitcoin index futures and options are a rapidly growing asset class, with increasing interest among institutional market participants looking for access within a regulated environment they are familiar with. Offering centralised clearing for these cash-settled dollar-denominated crypto derivatives contracts on GFO-X is an important development for the market. The service is a powerful combination of GFO-X’s high-performance technology and optimised contract specifications with LCH’s proven risk management capabilities. We look forward to working with GFO-X and market participants alike to build a liquid, regulated marketplace for these products, and contributing to its safe growth and development.” Read the LCH press release here Media Enquiries: Serra Balls, Eterna Partners for GFO-X gfo-x@eternapartners.com +44 (0) 7775763018 About GFO-X Global Futures and Options Ltd (GFO-X) is the UK's first regulated and centrally cleared trading venue dedicated to digital asset derivatives. UK FCA authorised and regulated, GFO-X is connected to the world's largest financial institutions and has partnered with leading clearing house LCH, solving for counterparty and credit risk. Evolving regulation will bring digital assets into mainstream finance. This transition demands traditional market structures, supported by new technologies, to solve the multiple risks currently associated with the digital asset market. GFO-X services the significant unmet need of large global institutional participants who require a highly regulated, institutional-grade trading venue for digital asset derivatives. Our mission is to deliver enhanced liquidity, institutional connectivity and risk mitigation through high-performance technology and optimised contract specifications.

The EU Parliament votes on new AML legislation, the BIS' Innovation Hub releases more details on Project Atlas, and the benefits (and drawbacks) of liquidity for tokenization, according to global custodian BNY Mellon. All the above and more in your weekly edition of The Digital Upload

In what is our very first ‘Looking Back’ The Upload unearths some of the best articles this quarter, we see that the three key themes of this quarter have been: tokenization, the restoration of trust and CBDCs. Don't forget about the FT Digital Asset Summit coming up in May, you can save 20% on your pass, read more below.

Exchanges post record volumes, the UK's FCA talks about tokenizing long-term asset funds, and how India's G20 presidency is leading the way for the future of crypto. All the above and more in your latest edition of the Upload

Would DLT replace the need for CCPs? Walt Lukken - Chair of the FIA - speaks on the ION hack and industry cyber security, and how the SEC vs Grayscale court hearing unfolded. All the above and more in your latest edition of the Upload

Crypto Bank Custodia takes on the Federal Reserve, Coinbase seeks to bridge the institutional gap with the acquisition of ORDAM, and the Reserve Bank of Australia releases its CBDC research and planned initiatives. Key central bankers gather around in London this week to discuss topics from CBDCs to tokenisation and domestic interoperability, we tell you where to sign up. All the above and more in your latest edition of the Upload

Rebuilding Trust & Safeguarding Crypto's Future. GFO-X are proud to be sponsoring this multi-track, two day event focusing on four key areas - markets, regulation, technology, and Web 3.0. View the agenda here . Get a 20% discount on your pass with code GFOX20 . 9-10 May | 2023 In-Person & Digital | Leonardo Royal Hotel London Tower Bridge

Crypto PE set to take off as Alan Howard backs 1RT as an LP, the IMF opines on the potential benefits and risks faced by the asset class, and asset tokenisation set to be the theme of the year This weeks "Watch & Listen" is a must-watch, and we share details on an upcoming roundtable regarding cross-border payments All the above and more in your latest edition of the Upload

US think tank weighs in on regulation vs innovation, total tokenised market to be 10% of global GDP by 2030 according to BCG & ADDX, and HM Treasury seeks a new lead to spearhead the digital pound project. All the above and more in your latest edition of the Upload.

In this edition, we listen to Governor J. Waller - a member of the Board of Governors of the Federal Reserve - talk about DLT, tokenisation and how they can both change the clearing and settlement of securities. We also glance at the latest research by the Federal Reserve Bank of New York which asks whether there is a "Bitcoin-Macro Disconnect?" Finally, JP Morgan makes the case for tokenising bank reserves. All the above and more in your latest edition of the Upload

What is a digital asset, and how does one really define it? In this edition, we listen to Michael Saylor explain how he views crypto assets, specifically Bitcoin. While out in DC we have senators battling it out, with 2023 to set the "cadence" for future ongoing regulation. And Walt Lukken (President & CEO of the FIA) shares his views on the key issues we face in 2023. All the above and more in your latest edition of the Upload.

In this edition of the upload, we look at a recent article published by the President and CEO of the FIA. We then sit down and listen to Kanav Kariya, President of Jump Crypto who calls for a more sophisticated capital market structure. Finally, find out how FIS is leveraging crypto and blockchain technology to increase its offering to clients and improve back-office efficiency.

Crypto Market Cap passes $1tn USD, returning to pre-FTX levels. François Villeroy de Galhau, governor of the Banque de France, calls for regulation in a coordinated manner, with international rules within the crypto sector an "utmost priority". And, further crypto updates from Davos.

It's already been a busy week, welcome to 2023! In this week's edition, we glance at the CME Group's Bitcoin contract's ADV and OI levels in 2022, the SEC issues subpoenas in a busy week, and whether Circle and Blackrock plan on parking money at the Fed.

VanEck's 11 predictions for 2023, tokenization dominates 2022 and is set to continue in the new year, and uproar over the proposed Digital Assets AML Bill in the US. All of the above and more in your festive edition of the Digital Upload.

Impending law changes will force The Fed to reveal all institutions that have applied for or have access to its facilities, A.K.A the "Federal Reserve Master Account", what IMF bailouts can teach CZ and the crypto industry, and a thought-provoking article on the crypto market micro-structure by an ex-advisor to the BoE. All this and more in the festive edition of the Digital Upload.

November has been quite a volatile month in crypto. The final week has been no different, from on-the-run FTX funds, to JP Morgan patenting its own wallet, and now another victim of financial contagion.

We attended FIA Chicago, and separately a leading industry digital asset conference. Both events highlighted that the asset class is still in demand, although there are understandable concerns around counterparty risk. Man Group announces a crypto fund, Bill Ackman changes his mind, and a sneak peek behind JP Morgan and SBI's Cross currency trade on the Polygon Network.

GFO-X is a new centrally-cleared trading venue for digital asset derivatives, authorised and regulated by the UK Financial Conduct Authority. Launching in 2023

Welcome to the inaugural edition of the GFO-X newsletter, where we curate a selection of relevant and important stories in the digital asset arena with a focus on regulation and products. Enjoy!