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 U.K.-based crypto derivatives platform.

On Dec. 9, GFO-X announced that the three firms, alongside market maker IMC, are among the top financial industry players to join the U.K. regulated platform. GFO-X revealed the partnership via a press release, adding that the crypto-focused derivatives trading venue will officially launch in the first quarter of 2025.

The platform has collaborated with the companies to meet the requirements for offering Bitcoin ($BTC) index futures and options to institutional investors. The products will leverage the financial market infrastructure of London-based clearing services firm LCH SA’s DigitalAssetsClear.

LCH SA’s majority owner is the London Stock Exchange Group and offers the infrastructure for cash-settling GFO-X’ derivatives trades.

Andy Ross, global head, prime & financing, at Standard Chartered, commented:

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

LCH SA received regulatory nod to offer clearing services for $BTC index futures in April 2024, with this coming nearly a year after the platform announced plans to extend central clearing services for GFO-X. The LCH DigitalAssetClear operates a separate fund and works within the guidelines of dedicated clearing requirements.

M&G Investments backs 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 has traded to highs above $103k, has gained momentum following Donald Trump’s win in November’s presidential election.

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