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StoneX Offers Clients Access to Coinbase Derivatives Exchange Contracts Cleared by Nodal Clear
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
StoneX Group Inc. (NASDAQ:SNEX) has announced a partnership with Coinbase Derivatives Exchange (CDE) and Nodal Clear, enabling its clients to access a comprehensive range of CDE contracts through Nodal Clear’s clearing services. This includes nano Bitcoin and Ethereum futures contracts, specifically designed for retail traders seeking to participate in crypto markets. According to Clayton Passero, Managing Director at StoneX Financial, this arrangement enhances client choice and caters to various trading needs. Boris Ilyevsky, CEO of CDE, expressed confidence that StoneX’s reach would contribute positively to their futures markets. Nodal Clear's Paul Cusenza noted the expansion of services for StoneX customers, facilitating access to all markets served by Nodal Clear.
Positive
Partnership with Coinbase Derivatives Exchange enhances product offerings for clients.
Introduction of nano Bitcoin and Ethereum futures provides retail traders with accessible trading options.
Increased client choice and access to liquid crypto markets.
Negative
None.
WASHINGTON--(BUSINESS WIRE)--
StoneX Group Inc (StoneX), Coinbase Derivatives Exchange (CDE) and Nodal Clear jointly announced today that clients of StoneX Financial Inc. now have access to the full suite of CDE contracts cleared by Nodal Clear.
This includes CDE nano Bitcoin futures (BIT) and nano Ethereum futures (ET) contracts, sized at 1/100th and 1/10th of the underlying commodity, respectively, and provides retail traders access to liquid crypto markets.
“StoneX is committed to providing our clients with greater choice and access across financial markets to maximize their futures trading needs,” said Clayton Passero, Managing Director and Head of Futures Online, StoneX Financial Group. “This agreement enables StoneX clients to access Coinbase’s robust portfolio of products while benefiting from StoneX’s high-value and transparent clearing and execution services.”
“We are excited to have StoneX offer our futures contracts and look forward to their significant reach and distribution contributing to the quality of our already liquid futures markets,” said Boris Ilyevsky, CEO of CDE. “StoneX’s retail customers will be able to trade accessible futures contracts tailored to their level of risk, and we plan to make larger contracts available to satisfy growing institutional demand.”
“We are pleased to expand our clearing relationship with StoneX so that its customers can now access Coinbase Derivatives Exchange products and services,” said Paul Cusenza, Chairman & CEO of Nodal Clear. “We are happy that StoneX customers will now have the ability to participate in all the markets that Nodal Clear serves.”
About StoneX Group Inc.
StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders, and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. StoneX Group Inc. strives to be the one trusted partner to its clients, providing its network, product, and services to allow them to pursue trading opportunities, manage their market risks, make investments, and improve their business performance. A Fortune-500 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its over 3,300 employees serve more than 52,000 commercial, institutional, and global payments clients, and more than 370,000 retail accounts, from more than 40 offices spread across five continents. Further information is available at www.stonex.com.
About Coinbase Derivatives Exchange.
Coinbase Derivatives Exchange (CDE) is a Designated Contract Market (DCM) pursuant to the Commodity Exchange Act and is regulated by the U.S. Commodity Futures Trading Commission (CFTC). CDE is a futures exchange that pairs listed futures with Coinbase’s commitment to building products that are easy to understand, fair, accessible, efficient, and transparent. Formerly FairX, CDE married a world-class team with deep expertise across product development, market structure, compliance, market-leading exchange technology and proven ability to deliver regulated futures markets. Further information can be found: coinbase.com/derivatives
About Nodal Clear
Nodal Clear is a Derivatives Clearing Organization (DCO) pursuant to the Commodity Exchange Act and is regulated by the CFTC. Nodal Clear provides central counterparty clearing services to Nodal Exchange and CDE. Through the novation process, the clearing house becomes the buyer to every seller and the seller to every buyer, significantly reducing the credit risk exposure of market participants. Nodal Clear’s strong risk management practices create a sound market infrastructure for trading. Nodal Clear employs a tailored portfolio margining methodology that appropriately margins contracts and provides capital efficiencies to market participants. Further information if available at www.nodalclear.com
What is the significance of StoneX's partnership with Coinbase Derivatives Exchange?
The partnership allows StoneX clients to access a broader range of futures contracts, including nano Bitcoin and Ethereum futures, enhancing trading options in crypto markets.
How does the new offering of nano futures contracts affect retail traders?
Retail traders can now trade smaller-sized futures contracts, making it easier for them to participate in the cryptocurrency market with lower risk.
What are the new futures contracts available for StoneX clients?
StoneX clients can now access nano Bitcoin futures (BIT) and nano Ethereum futures (ET) contracts through the Coinbase Derivatives Exchange.
When was the partnership between StoneX and Coinbase Derivatives Exchange announced?
The partnership was announced on April 13, 2023.
What benefits does StoneX offer through Nodal Clear for futures trading?
StoneX provides high-value and transparent clearing and execution services, enhancing the trading experience for its clients.
