Cboe to acquire ErisX
21 October 2021 US
Image: nespix/stock.adobe.com
Cboe Global Markets, a provider of global market infrastructure and tradable products, has entered into a definitive agreement to acquire Eris Digital Holdings.
Ownership of ErisX, which is expected to close in the first half of 2022, allows Cboe to enter the digital asset spot and derivatives marketplaces through a digital-first platform that has been developed to focus on robust regulatory compliance, data and transparency.
ErisX operates a US-based digital asset spot market, a regulated futures exchange and a regulated clearing house. Its real-time clearing system is designed to minimise settlement risk, while its collateral management functions enable seamless movement of collateral between spot and futures accounts.
Cboe plans to operate the digital asset business as Cboe Digital and has secured the support of several market participants, including retail brokers, crypto firms and sell-side banks. All are expected to form a Digital Advisory Committee tasked with advising Cboe on the ongoing development of the Eris spot and derivatives markets.
Commenting on the acquisition, Ed Tilly, chairman, president and CEO of Cboe Global Markets says: "We believe our acquisition of ErisX, coupled with broad industry participation and support, will help us bring the regulatory framework, transparency, infrastructure and data solutions of traditional markets to the digital asset space.
“ErisX has shown a commitment to improving spot and derivatives crypto trading, and I am confident that together we can not only meet the growing demand for institutional and retail trading solutions but also push the boundaries of digital asset innovation and unlock its next phase of growth."
Thomas Chippas, CEO of ErisX, adds: "Derivatives are an essential component of a scaled digital marketplace, and Cboe, as a derivatives exchange operator, has the global customer network, international operations and innovative vision to not only grow ErisX, but the entire digital asset space.
“With Cboe's support and network of industry partners, ErisX will enable new and established firms to offer cryptocurrency spot and derivative products to their clients."
Ownership of ErisX, which is expected to close in the first half of 2022, allows Cboe to enter the digital asset spot and derivatives marketplaces through a digital-first platform that has been developed to focus on robust regulatory compliance, data and transparency.
ErisX operates a US-based digital asset spot market, a regulated futures exchange and a regulated clearing house. Its real-time clearing system is designed to minimise settlement risk, while its collateral management functions enable seamless movement of collateral between spot and futures accounts.
Cboe plans to operate the digital asset business as Cboe Digital and has secured the support of several market participants, including retail brokers, crypto firms and sell-side banks. All are expected to form a Digital Advisory Committee tasked with advising Cboe on the ongoing development of the Eris spot and derivatives markets.
Commenting on the acquisition, Ed Tilly, chairman, president and CEO of Cboe Global Markets says: "We believe our acquisition of ErisX, coupled with broad industry participation and support, will help us bring the regulatory framework, transparency, infrastructure and data solutions of traditional markets to the digital asset space.
“ErisX has shown a commitment to improving spot and derivatives crypto trading, and I am confident that together we can not only meet the growing demand for institutional and retail trading solutions but also push the boundaries of digital asset innovation and unlock its next phase of growth."
Thomas Chippas, CEO of ErisX, adds: "Derivatives are an essential component of a scaled digital marketplace, and Cboe, as a derivatives exchange operator, has the global customer network, international operations and innovative vision to not only grow ErisX, but the entire digital asset space.
“With Cboe's support and network of industry partners, ErisX will enable new and established firms to offer cryptocurrency spot and derivative products to their clients."
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