Retail Brokerage TD Ameritrade Backs New Crypto Exchange

TD Ameritrade is reportedly investing in ErisX, a new cryptocurrency exchange built by derivatives market provider Eris Exchange.

AccessTimeIconOct 3, 2018 at 2:20 p.m. UTC
Updated Sep 13, 2021 at 8:27 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Brokerage firm TD Ameritrade is investing in a brand new cryptocurrency exchange, Bloomberg reported Wednesday.

Dubbed ErisX, the exchange will allow investors to trade bitcoin, bitcoin cash, ethereum, litecoin and bitcoin, as well as bitcoin futures, a spokesperson told the news source.

The exchange, built by derivatives market provider Eris Exchange, is also backed by DRW Holdings and Virtu Financial.

Adding more detail, the report indicates that the futures contracts traded by the exchange in particular will be physically delivered, not cash-settled.

Moreover, while at present TD Ameritrade customers can trade bitcoin futures contracts through the Cboe market, managing director J.B. Mackenzie told Reuters that ErisX may also allow customers to trade ethereum and litecoin futures eventually.

TD Ameritrade executive vice president of trading and education Steve Quirk told Bloomberg that "our retail clients are seeking to access and trade digital currency products in the same way they do with traditional capital markets – through a legitimate, regulated and transparent exchange."

ErisX is currently in the process of self-certifying its futures contracts with the U.S. Commodity Futures Trading Commission (CFTC), and will clear its derivatives products through its parent firm's clearinghouse if and when it is approved.

Should the CFTC give ErisX the go-ahead, it will begin cash-trading processes sometime from March to June next year, and begin trading derivatives in the second half of the year.

TD Ameritrade image via Jonathan Weiss / Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.