Singapore Exchange files to offer crypto perpetual futures to US institutions
SGX files to offer crypto perpetual futures to US institutions
Singapore Exchange Ltd. (SGX) has filed with the US Commodity Futures Trading Commission (CFTC) to offer cryptocurrency perpetual futures to US institutions, according to Bloomberg.
If the filing proceeds, SGX would become the first major traditional exchange to bring this popular crypto trading product into the mainstream.
How the CFTC filing works
SGX submitted its filing last month. Because SGX is a registered overseas exchange, it can offer the contracts to US investors if the CFTC raises no objection within 10 days.
What SGX has already launched
SGX launched Bitcoin and Ether perpetual futures last November, according to the report.
The new filing would give SGX access to a deeper pool of hedge funds, asset managers and proprietary trading firms in the US.
Why the filing matters
Perpetual futures are one of crypto's favorite trading products, Bloomberg says. A major traditional exchange offering them to US institutions would be a first.
What happens next
The next step depends on the CFTC's 10-day no-objection window. The report does not say when that window ends.