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.
“This is another example of ErisX bringing familiarity and security to the cryptocurrency markets.”
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 business.development@erisx.com for more information.
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