Coinbase wins CFTC clearinghouse nod, but its stock perps filing names Nodal Clear
In brief
- CFTC registered Coinbase Clearing LLC as a derivatives clearing organization on Sept. 28, CryptoSlate reported.
- Coinbase now runs an FCM, a designated contract market and a registered clearinghouse.
- Coinbase listed USDC collateral and 24-hour settlement as clearinghouse advantages.
- Coinbase's single-stock perpetual futures proposal still showed 'Approval Pending' on Sept. 30.
- Representative Apple contract names Nodal Clear LLC, not Coinbase Clearing, as central counterparty.
Three pieces, one company
Coinbase is the largest US-based crypto exchange, according to CryptoSlate. It now runs a futures commission merchant (Coinbase Financial Markets), a designated contract market (Coinbase Derivatives) and a registered clearinghouse (Coinbase Clearing). The company said that structure gives it end-to-end infrastructure for bringing regulated products to market.
That's the full stack.
Coinbase pitched USDC collateral and 24-hour settlement as advantages of the new clearinghouse. The firm said it expects the clearinghouse to support more efficient operations and give it more flexibility to introduce regulated derivatives over time. CryptoSlate's own read is that owning the infrastructure could shorten product-development cycles and cut reliance on third parties for eligible contracts.
The stock perps sit elsewhere
Coinbase said it'll keep using existing partners for parts of its margined derivatives business (and for its planned single-stock perpetual futures). That's where the gap shows up.
Coinbase Derivatives filed the proposal on Sept. 18, and the CFTC's product record still showed the Single Stock Perpetual Futures Contract as "Approval Pending" on Sept. 30, CryptoSlate reported. The exchange said it intended to list the contracts shortly after approval, subject to any additional regulatory requirements.
What the filing describes
The filing, as CryptoSlate described it, proposes cash-settled perpetual futures on individual US equities and ETFs, with Apple as the representative contract. They don't have a fixed expiration; periodic funding payments are meant to keep prices aligned with the underlying shares.
The representative Apple contract names Nodal Clear LLC as the central counterparty, not Coinbase Clearing. Its proposed trading window runs from 8 p.m. Eastern on Sunday through 5 p.m. Friday. Coinbase, for its part, describes its new clearing infrastructure as capable of 24/7 settlement.
So the clearinghouse Coinbase just got approved isn't the one on the Apple contract it's asking to list, at least as the filing reads today.
Frequently asked questions
What did the CFTC approve for Coinbase on Sept. 28?
CryptoSlate reported that the CFTC registered Coinbase Clearing LLC as a derivatives clearing organization on Sept. 28. The registration lets it clear fully collateralized futures, options on futures, and swaps. Before that, Coinbase relied on outside clearing partners.
Will Coinbase Clearing clear the proposed single-stock perpetual futures?
Not as the filing is currently described. According to CryptoSlate, the representative Apple contract names Nodal Clear LLC, not Coinbase Clearing, as central counterparty. Coinbase said it'll keep using existing partners for its planned single-stock perpetual futures.
How would Coinbase's proposed stock perpetual futures work?
The filing, as CryptoSlate described it, proposes cash-settled perpetual futures on individual US equities and ETFs, with Apple as the representative contract. The contracts have no fixed expiration and use periodic funding payments to track the underlying shares. The proposed trading window runs from 8 p.m. Eastern Sunday through 5 p.m. Friday.
