GFO-X

GFO-X (Global Futures and Options Exchange) is the United Kingdom's first regulated and centrally cleared trading venue dedicated to digital asset derivatives. Authorized by the UK Financial Conduct Authority (FCA), GFO-X operates in partnership with LCH SA to offer clearing services for Bitcoin index futures and options contracts through a new segregated clearing service called LCH DigitalAssetClear.
== History ==
=== Founding and Development ===
GFO-X was established to address the growing demand for a regulated trading venue for digital asset derivatives, particularly from large institutional investors. The platform was created to provide a secure and efficient environment for trading Bitcoin index futures and options contracts, catering to the needs of institutional market participants.
In June of 2023, GFO-X joined the FIA as a member.
=== Funding and Investment ===
In December 2023, GFO-X secured a $30 million Series B funding round led by M&G Investments, a subsidiary of M&G Plc. Prior to this, GFO-X raised £24 million as part of its Series B funding round, also led by M&G Investments.
In December 2024, GFO-X announced ABN AMRO Clearing, IMC, Standard Chartered Bank and Virtu Financial as strategic partners ahead of its planned launch in Q1 2025.
=== Regulatory Approval ===
GFO-X is authorized and regulated by the UK Financial Conduct Authority (FCA).
=== Strategic Partnerships ===
In April 2023, GFO-X announced a strategic partnership with LCH SA, the London Stock Exchange Group’s Continental European clearing house. This collaboration involves the introduction of LCH DigitalAssetClear, a new segregated central counterparty clearing service designed to address counterparty credit risk management and settlement needs in the digital asset derivatives market.
== Products and Services ==
GFO-X offers a range of products and services for trading digital asset derivatives. Their BTC Futures and BTC Options are cash-settled contracts based on the GFO-X/Coin Metrics Bitcoin index, enabling investors to hedge or speculate on Bitcoin price movements without holding the cryptocurrency directly. 
The platform operates with technology that supports 24/7 trading, with sub-100 microseconds processing times and high throughput. GFO-X provides APIs that meet financial industry standards, ensuring smooth integration for users, and employs bank-grade cybersecurity measures to secure the trading environment. 
Additionally, GFO-X offers block trade services, allowing for the execution of large trades in digital asset derivatives away from the central limit order book.
GFO-X has partnered with Liquid Mercury to offer a Request for Quote (RFQ) platform for trading crypto derivatives, aimed at institutional participants. This platform facilitates access to liquidity for trading listed options and futures, supporting both single-leg and complex strategies. Institutional traders, including hedge funds and asset managers, can request quotes from liquidity providers using Liquid Mercury's trading interface or APIs. Executed trades are processed on GFO-X's exchange and cleared through LCH SA, enhancing the trading and clearing process for digital asset derivatives. This partnership seeks to broaden the crypto options market by integrating traditional market participants into GFO-X's regulated exchange.
==Video==
Arnab Sen shared insights on the institutionalization of cryptocurrency trading during an interview at the 2024 FIA International Futures Conference in Boca Raton, FL.
== Key People ==
*Arnab Sen, Co-Founder & Chief Executive Officer
*Sadiq Melwani, Co-Founder, Chief Operating Officer, Chief Financial Officer & Director
*Scott Riley, Chief Risk Officer
*Trevor Tanchel, Chief Compliance Officer
*Jon Mann, Shareholder, Chief Technology Officer
== References ==
Category:Financial Services Companies of the United Kingdom
Category:Cryptocurrency Exchanges
Category:Futures Exchanges
Category:Derivatives
Category:Financial Technology Companies