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ARTICLE · 19 JULY 2017

CFTC Grants Swap Execution Facility Status To Bitcoin Exchange

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The CFTC granted swap execution facility ("SEF") registration status to LedgerX, LLC, a New York-based company that has applied to be a bitcoin options exchange.

United StatesFinance and Banking
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The CFTC granted swap execution facility ("SEF") registration status to LedgerX, LLC, a New York-based company that has applied to be a bitcoin options exchange.

In an Order of Registration, the CFTC specified that LedgerX cannot list (i) cleared swaps until it enters into a clearing agreement with a registered derivatives clearing organization ("DCO"), and (ii) uncleared swaps until it revises its rulebook and other registration materials to provide for execution of such swaps. 

Twenty-five SEFs are now registered with the CFTC.

Commentary / Steven Lofchie

Given the volatility of bitcoin, is it good public policy to encourage central clearing of the product? What would be the effect on pricing or on market participants if the DCO suddenly were to double or triple initial margin requirements?

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