Cboe Agrees to Acquire ErisX

Cboe Global Markets, Inc. announced it has entered into a definitive agreement to acquire Eris Digital Holdings, LLC). ErisX operates a U.S. based digital asset spot market, a regulated futures exchange and a regulated clearing house. Ownership of ErisX presents a unique opportunity for Cboe to enter the digital asset spot and derivatives marketplaces through a digital-first platform developed with industry partners to focus on robust regulatory compliance, data and transparency. Founded in 2018, ErisX was designed and built with regulatory compliance and operational integrity at the fore. Its spot and futures exchanges utilize high-performance infrastructure and real-time market surveillance. Its real-time clearing system is designed to address settlement risk while collateral management helps to allow seamless movement of collateral between spot and futures accounts. ErisX is built to mitigate common industry pain points and grow the digital asset market to a global scale. Despite the fact that 7 in 10 institutional investors expect to have digital assets be part of their portfolios in the future, a lack of globally consistent regulation and a dearth of sufficiently robust exchange and clearing infrastructure remain major barriers to entry. As a global market infrastructure provider, Cboe is positioned to offer a digital asset marketplace focused on regulatory compliance and transparency to help institutions embrace the digital asset class and offer digital asset trading to their clients. Cboe plans to operate the digital asset business as Cboe Digital.