ErisX announced today that our block trading facility can now be accessed through our REST API. Block trading is available on all the Exchange’s listed spot and futures products to eliminate Members’ bi-lateral counterparty risk. By implementing this workflow that is familiar to capital markets professionals, ErisX is enhancing crypto OTC practices.
Registered market participants are able to submit off-exchange, privately negotiated trades to Eris Exchange over a REST based API, or through our trading interface, for settlement and clearing at Eris Clearing, the Exchange’s clearinghouse. The requirements for these block trades, including minimum size, pricing, and time for submitting to the Exchange, are set forth in Exchange Rules 601 and 1206, for futures and spot products, respectively.
“We are pleased to be introducing our block trading capabilities through the REST based API,” said Thomas Chippas, CEO of ErisX. “We are removing the friction and risks associated with OTC based workflows and expanding the universe of potential counterparties for our Members with a competitively priced service.”
“By introducing block trading capabilities under a CFTC-regulated entity, they eliminate counterparty settlement risk while limiting market impact,” said Carlos Mosquera Benatuil, CEO of Solidus OTC. “This is another example of ErisX bringing familiarity and security to the cryptocurrency markets.”
Block trading is enabled between registered Clearing Members of ErisX. As new Members join, they are ready to trade with no need to negotiate a new stand-alone trading agreement. If you would like to ensure a streamlined, quick and efficient settlement process for block trades, please reach out to email@example.com for more information.
ErisX offers individuals and institutions a single, innovative platform to access crypto spot and futures markets. By combining professional tools, advanced technology, sophisticated regulatory oversight, and a diverse product set, ErisX offers compliant, capital markets friendly workflows to digital market participants. Backed by some of the world’s largest trading firms and financial institutions, ErisX brings transparency and reliability to the digital asset class. ErisX, Eris Exchange, and the ErisX and Eris Exchange logos are trademarks of the Eris Exchange group of companies. www.erisx.com
ErisX Futures are offered through Eris Exchange, LLC, a Commodity Futures Trading Commission (CFTC) registered Designated Contract Market (DCM) and Eris Clearing, LLC, a registered Derivatives Clearing Organization (DCO). The CFTC does not have regulatory oversight authority over virtual currency products including spot market trading of virtual currencies. ErisX Spot Market is not licensed, approved or registered with the CFTC and transactions on the ErisX Spot Market are not subject to CFTC rules, regulations or regulatory oversight. ErisX Spot Market may be subject to certain state licensing requirements and operates in NY pursuant to Eris Clearing’s license to engage in virtual currency business activity by the New York State Department of Financial Services.