FIS Back-Office Services Integrate ErisX Digital Asset Futures Contracts

News Desk 23 October 2019

1 minute read

Blockchain and Crypto News MENA DUBAI UAE

ErisX continues to bring familiar financial services functionality to the digital asset markets. To ensure that institutional members can process futures contracts via existing back office workflows, ErisX has worked with FIS to make sure the Exchange and Clearinghouse are supported by FIS services. As one of the leaders in information technology and services, many futures market intermediaries use FIS to manage their back-office operations, gain data-driven insights and scale their business. Back office operations using FIS services will receive the same data they are used to receiving for other commodity trading venues through FIS services, including settlement prices, reports to support reconciliation and the ability to produce futures statements.

“FIS’ support of ErisX’s products is a sign that their intermediary-friendly vision is coming to fruition,” said Bob Fitzsimmons, Executive Vice President at Wedbush Securities. “The FIS platforms are familiar to the back-office processes in traditional commodities markets and bring conventionality to the digital asset space.”

FIS completed integration and started testing ErisX’s products alongside traditional derivatives products on the GMI, ClearVision and IntelliMatch platforms.

ErisX currently offers individuals and institutions access to spot trading on Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC) and will be adding futures, subject to regulatory filings, creating a unified platform for both spot and CFTC-regulated futures.

Thomas Chippas, CEO of ErisX, believes integrating ErisX’s digital asset futures products into FIS’ workflows is a necessary step in the evolution of the Exchange.

“The start of testing at FIS signifies an important milestone for ErisX and necessary groundwork to prepare for the digital asset futures we plan to launch before the end of the year,” said Chippas. “Working with an industry leading firm such as FIS underscores the importance we place on establishing the fundamental infrastructure necessary to work with futures market intermediaries who provide services to institutional investors.”