Cboe Digital has successfully cleared its first trade on its new Cboe Digital Settlement Service. The trade was conducted between Nonco U.S., a subsidiary of a major Latin American over-the-counter (OTC) provider, and DV Chain, an affiliate of Chicago-based proprietary trading group DV Trading and a provider of cryptocurrency trading and technology.
The settlement service offered Cboe Digital aims to eliminate settlement risk for OTC digital asset transactions. It allows for clearing and settlement through Cboe Digital’s regulated, real-time clearinghouse, which is based in the United States. Traders can access the service through a standardized API or Cboe Digital’s fully integrated Trading User interface.
This achievement marks an important milestone for Nonco as the industry continues to evolve and recognize the importance of counterparty risk mitigation. Jeff Howard, Managing Director at Nonco, emphasized the significance of central clearing and counterparty risk in the industry’s development.
John Palmer, President of Cboe Digital, explained that the settlement service brings together clearing and settlement processes across various execution pathways, delivering capital and operational efficiencies. The service aims to provide an efficient and effective solution for clearing and settlement to Nonco markets.
The Head Trader at DV Chain, Dave Vizsolyi, praised the exceptional experience his firm had with Cboe Digital. He highlighted the importance of introducing clearing to mitigate counterparty risk.
Cboe Digital is a platform that offers individuals and institutions access to crypto spot and futures markets. Backed major trading firms and financial institutions, it provides compliant and capital markets friendly workflows to digital market participants.
Cboe Global Markets, the parent company of Cboe Digital, is a leading provider of market infrastructure and tradable products. It offers trading solutions in equities, derivatives, foreign exchange, and digital assets across North America, Europe, and Asia Pacific.
– Cboe Global Markets, Inc.