Standard Chartered, Virtu Financial join new U.K. crypto derivatives platform

Standard Chartered, Virtu Financial and ABN AMRO Clearing have been announced as strategic partners of Global Futures and Options Ltd. (GFO-X), a UK-based crypto derivatives platform.

On December 9, GFO-X announced that the three companies, alongside market maker IMC, were among the major financial sector players to join the UK’s regulated platform. GFO-X revealed the partnership via a press releaseadding that the crypto-focused derivatives trading platform will officially launch in the first quarter of 2025.

The platform has collaborated with businesses to meet Bitcoin’s supply requirements (BTC) futures contracts and options on indices to institutional investors. The products will leverage the financial markets infrastructure of DigitalAssetsClear, London-based clearing services company LCH SA.

The majority owner of LCH SA is the London Stock Exchange Group and provides the infrastructure for cash settlement of GFO-X derivatives transactions.

Andy Ross, Global Head, Prime and Financing, at Standard Chartered, commented:

“We are delighted to support the launch of GFO-X derivatives products and to join LCH SA as a general clearing member to enable our clients to trade and clear.

LCH SA received regulatory approval to offer clearing services for BTC index futures in April 2024, almost a year after the platform announced plans to expand central clearing services for GFO -X. The LCH DigitalAssetClear manages a separate fund and operates within the guidelines of dedicated clearing requirements.

M&G Investments supports GFO-X and received regulatory approval from the Financial Conduct Authority in 2022.

The launch of the new derivatives trading platform comes as the crypto market attracts greater attention across the world. Bitcoin, which traded at highs above $103,000, gained momentum following Donald Trump’s victory in the November presidential election.

In October, OKX crypto exchange selected Standard Chartered as a cryptocurrency custodian. Earlier in August, Standard Chartered’s digital bank, Mox Bank spear the first spot crypto exchange traded fund by a virtual bank. The ETF products targeted retail investors in Hong Kong.