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Author Topic: CFTC Approves LedgerX LLC as a Designated Contract Market  (Read 82 times)
Baofeng
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June 25, 2019, 08:19:55 PM
 #1

From the official website:

https://www.cftc.gov/PressRoom/PressReleases/7945-19

Quote
Washington, DC — The Commodity Futures Trading Commission (CFTC) announced today that it has approved the application of LedgerX LLC (LedgerX) for designation as a contract market. LedgerX is a Delaware limited liability company located in New York City, and a wholly-owned subsidiary of Ledger Holdings, Inc.

LedgerX has been registered with the CFTC as a swap execution facility and derivatives clearing organization (DCO) since July 2017. Effective June 24, 2019, LedgerX is also registered as a designated contract market (DCM) under Section 5 of the Commodity Exchange Act (CEA) and Part 38 of the CFTC’s regulations. With registration as a DCM, LedgerX will be required to demonstrate continued compliance with all applicable provisions of the CEA and CFTC regulations, including Part 38.

LedgerX has requested that the CFTC amend its order of registration as a DCO, which limits LedgerX to clearing swaps, to allow it to clear futures listed on its DCM.

If I'm not mistaken, CFTC cleared Ledger X to offer 'physical bitcoin future contracts'. So I speculate that this could be a good news for investors as this is not the same cash-settled contracts being offered by CME or CBoE. It is not only offered to institutional investors but for retail clients as well. I think this news was one factors to the current rise in the last 24 hours. So let's see how it goes.

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June 26, 2019, 05:45:09 AM
Merited by Baofeng (1)
 #2

Looks like Bakkt and other physical contracts could get approved soon too. It was unexpected and never being hyped across social media before, so this was quite sudden. I also believe that this is why Bitcoin price is rising steadily in the last few hours, but quite sad to see alts getting crushed lol.

However, contract details are still not clear based on some reports.

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June 26, 2019, 07:50:09 AM
Merited by Baofeng (1)
 #3

Quote
Washington, DC — The Commodity Futures Trading Commission (CFTC) announced today that it has approved the application of LedgerX LLC (LedgerX) for designation as a contract market. LedgerX is a Delaware limited liability company located in New York City, and a wholly-owned subsidiary of Ledger Holdings, Inc.

If I'm not mistaken, CFTC cleared Ledger X to offer 'physical bitcoin future contracts'. So I speculate that this could be a good news for investors as this is not the same cash-settled contracts being offered by CME or CBoE. It is not only offered to institutional investors but for retail clients as well. I think this news was one factors to the current rise in the last 24 hours. So let's see how it goes.

I'm not sure how big LedgerX's futures market will get... their brand remains fairly small among institutional exchanges. This is potentially huge, though. With the cash-settled CME markets, there is no arbitrage mechanism to bring the spot markets in line. With physical settlement on LedgerX (and eventually Bakkt), the derivative markets become a real avenue for institutions to accumulate bitcoins. If demand is strong, that should have a tangible effect on the global spot rates because of arbitrage.

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June 26, 2019, 09:05:32 AM
Merited by Baofeng (1)
 #4

Looks like Bakkt and other physical contracts could get approved soon too. It was unexpected and never being hyped across social media before, so this was quite sudden. I also believe that this is why Bitcoin price is rising steadily in the last few hours, but quite sad to see alts getting crushed lol.

However, contract details are still not clear based on some reports.

Yes, I think this has set a precedent and most likely Bakkt might also get approval sooner. I mean they are working really hard from behind since last year and very active updating it's consumers and those who are waiting in line. They even have some sort of testing coming this July.

I really don't know though while LedgerX suddenly gets the approval ahead of Bakkt, not complaining here but it looks like they're swoop by LedgerX under the rag and gets the approval  Grin. But let us see, remember this is physical cash settlements, so this is a first so I think everyone will get their hands dirty and take advantage on whatsoever way they can make money out of it.

 
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June 26, 2019, 09:15:32 AM
Merited by Baofeng (1)
 #5

Yes, I think this has set a precedent and most likely Bakkt might also get approval sooner. I mean they are working really hard from behind since last year and very active updating it's consumers and those who are waiting in line. They even have some sort of testing coming this July.

I really don't know though while LedgerX suddenly gets the approval ahead of Bakkt, not complaining here but it looks like they're swoop by LedgerX under the rag and gets the approval 

it's not 100% clear what happened in BAKKT's discussions with the CFTC last year, but obviously they were forced retool their entire structure for custody. their new scheme requires a license from the NYDFS. who knows when that'll be issued?

congrats to ledgerX. they're obviously doing something right that BAKKT isn't.

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June 27, 2019, 04:28:04 AM
 #6

Yes, I think this has set a precedent and most likely Bakkt might also get approval sooner. I mean they are working really hard from behind since last year and very active updating it's consumers and those who are waiting in line. They even have some sort of testing coming this July.

I really don't know though while LedgerX suddenly gets the approval ahead of Bakkt, not complaining here but it looks like they're swoop by LedgerX under the rag and gets the approval 

it's not 100% clear what happened in BAKKT's discussions with the CFTC last year, but obviously they were forced retool their entire structure for custody. their new scheme requires a license from the NYDFS. who knows when that'll be issued?

congrats to ledgerX. they're obviously doing something right that BAKKT isn't.

Right, maybe CFTC found something that Bakkt has to go back to the drawing boards again that's why the excitement has somewhat wane out waiting for their entry to crypto sphere. I remember back then people getting excitement but months after months of waiting, it suddenly died down.

I really don't understand though Bakkt making like 'self-cerfication' and scheduling a July UAT, do they smell that a approval is already in the horizon?

 
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June 27, 2019, 07:41:06 AM
 #7

I really don't understand though Bakkt making like 'self-cerfication' and scheduling a July UAT, do they smell that a approval is already in the horizon?

According to Bakkt, they've been in close discussions with the CFTC and have made significant changes to their product to reach compliance. So I'm assuming they believe the CFTC is no longer a significant obstacle. I just hope they aren't underestimating the licensing process with the New York Department of Financial Services, who are notoriously difficult to deal with -- see BitLicense.

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June 27, 2019, 03:00:11 PM
 #8

I think this news was one factors to the current rise in the last 24 hours.


the price exceeded more than $13000 in a short time, but could not stay long over $13000. something curious in everything is that people rush to sell because they do not believe the price reaches $14000, they looked $14000 as a price too high, but I bet the same people stay in the forums saying that the price can reach $20.000

So let's see how it goes...

we already saw how it was: big dump


 
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