In a move that signals the accelerating institutionalization of cryptocurrency markets, London-based LMAX Group announced on March 17, 2022, a strategic partnership with Swiss exchange operator SIX to launch cash-settled, centrally cleared crypto-asset futures. The initiative, expected to go live in Q3 2022 pending regulatory approval, will initially offer USD-settled Bitcoin and Ethereum futures contracts — filling a critical gap in around-the-clock institutional crypto trading infrastructure.
TL;DR
- LMAX Group partners with SIX Swiss Exchange to launch centrally cleared crypto futures
- Initial rollout covers BTC and ETH futures, trading 23 hours per day, five days a week
- Full product suite planned to extend to 24/7 trading — a first for institutional crypto derivatives
- LMAX already serves 35 top-tier banks actively trading on its platform
- The crypto futures market is estimated to be three times larger than the spot market
Bridging the Institutional Gap
For years, institutional traders seeking exposure to crypto derivatives have faced a fragmented landscape. While retail-focused exchanges have offered perpetual futures and leveraged tokens for some time, the lack of centrally cleared, exchange-traded crypto futures with robust clearing infrastructure has kept many traditional financial institutions on the sidelines.
LMAX Group, which already operates institutional crypto and FX exchanges, is positioning itself to change that. By teaming up with SIX — one of Europe’s most established exchange and clearing house operators — the partnership brings together proven exchange technology with secure clearing connectivity rooted in Swiss and Spanish infrastructure.
The Scale of the Opportunity
The numbers paint a compelling picture. According to LMAX Group CEO David Mercer, the crypto futures market is roughly three times the size of the spot market, representing a massive opportunity for institutional participants. With Bitcoin trading at approximately $40,951 and Ethereum at $2,815 on March 17, 2022, the total crypto market capitalization remained firmly above $1.9 trillion, underscoring the scale of the asset class that institutional infrastructure must support.
LMAX Group’s existing client base of 35 top-tier banks provides a ready-made distribution channel for the new futures products. These institutions already trade spot crypto on LMAX’s platforms and are natural candidates for hedging and positioning via futures contracts.
Round-the-Clock Trading Meets Traditional Finance
One of the most notable aspects of the announcement is the commitment to 24/7 trading. Crypto markets never sleep, yet traditional derivatives infrastructure has historically been constrained to standard business hours. The LMAX-SIX partnership aims to bridge this divide by initially offering 23-hour trading windows, five days a week, before extending to full 24/7 coverage as the product suite matures.
Javier Hernani, Head of Securities Services at SIX, emphasized that the collaboration represents a major milestone for the Swiss exchange operator, combining Swiss and Spanish infrastructure expertise into what he described as a “clearing services powerhouse.” The partnership also aligns with SIX’s broader digital asset strategy, which has seen the exchange invest heavily in blockchain-based settlement and tokenization infrastructure.
Market Context
The announcement comes at a pivotal moment for the crypto industry. As of March 17, 2022, daily spot trading volume across major markets stood at approximately $838 million, according to Kraken’s daily market report. The same data showed Bitcoin holding steady with a modest 0.4% decline, while Ethereum posted a 1.4% gain, reflecting the kind of relative stability that makes futures products particularly attractive for hedging strategies.
Meanwhile, notable movers in the market included Avalanche (AVAX), which surged 7% to $79.40, and Aave (AAVE), which gained 9.6% to reach $155.60. These price dynamics illustrate the volatility that institutional hedgers seek to manage through derivatives products.
Why This Matters
The LMAX-SIX partnership represents more than just another crypto product launch. It is a concrete step toward merging the always-on nature of digital asset markets with the regulatory rigor and clearing infrastructure that traditional finance demands. As digital assets and conventional capital markets continue to converge, initiatives like this one are essential for building the bridges that will allow institutional capital to flow more freely into the crypto ecosystem. The message from the market is clear: the infrastructure is catching up to the demand, and 24/7 crypto futures trading is coming to a regulated exchange near you.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk, and readers should conduct their own research before making investment decisions.
35 banks already trading on LMAX and they still needed SIX for clearing. tells you everything about where the real bottleneck is for institutional crypto
futures market 3x bigger than spot according to Mercer. no wonder retail exchanges have been printing money with their perps
23 hours a day 5 days a week is a start but crypto trades 24/7. the one hour maintenance window is going to annoy someone