CQG, a provider of trading, market data and technical analysis tools, will provide ErisX, a regulated derivatives exchange, with a front-end trading desktop. The collaboration between the two firms was announced on Wednesday by CQG.
Last week, Finance Magnates reported that ErisX announced its plans to launch a regulated derivatives exchange and clearing organization that will facilitate the trading of digital asset futures and spot contracts on a single trading platform.
In conjunction with that announcement, it was revealed that TD Ameritrade Holding Corporation, an Omaha-based brokerage firm, made an undisclosed investment in the company’s venture.
However, before being able to launch the exchange, ErisX needs a trading product for its clients to use – that’s where CQG comes in, as the company will provide the CQG Desktop as the front-end trading platform for customers of the exchange.
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Commenting on the collaboration, Ryan Moroney the president of CQG said: “we see the value that ErisX brings to the digital asset space and are excited to partner with them to present the spot crypto markets together with futures contracts on a single platform.”
“In an industry in need of this level of security and transparency, we believe ErisX will open these markets to many of our institutional partners and help move this emerging market forward.”
So why did ErisX chose CQG? Well, according to the CEO of ErisX, Thomas Chippas it was because of the firm’s range of trading tools. He said: “We were impressed with the range of trading tools that were included in CQG’s platform offering and are pleased to offer CQG Desktop as our front-end trading provider. We are working with a robust group of leading class technology and service providers to improve the digital asset trading experience.”
The Launch of the Exchange
According to the website of ErisX, the company plans to launch spot contracts for digital assets on the exchange in the second quarter of 2019 and futures contracts in the second half of next year.
Already, the project has a number of backers, including DRW Venture Capital, Valor Equity Partners, Virtu Financial (VIRT), NEX Opportunities, Cboe Global Markets (CBOE), CTC Group Investments, ED&F Man Capital Markets Inc. and many more.