Global Futures and Options

What Global Futures and Options does

Global Futures and Options Ltd (GFO-X) operates a UK FCA-authorized Multilateral Trading Facility (MTF) for cash-settled digital asset derivatives, headquartered in London with an additional office in Hong Kong. The platform currently lists Bitcoin index futures (GFBTF) and European-style Bitcoin index options (GFBTO), both settled in cash against UK/BMR-compliant reference indices (GFOXBE and GFOXBR) developed with Coin Metrics and administered by BITA. All contracts are centrally cleared through LCH DigitalAssetClear, the dedicated digital asset clearing service of LCH SA (part of LSEG), which uses a VaR-based margin model backed by a segregated default fund to manage counterparty risk. GFO-X integrates with major institutional trading ISVs — Trading Technologies, CQG, ION, and Liquid Mercury — and offers institutional-grade tooling including Pre-Trade Risk Management (PTRM), a Block Trading Facility (minimum 25 lots), and a FIX drop copy service. The product roadmap extends to Ethereum futures and options, Bitcoin mini weekly futures, and daily options.

GFO-X's target customer base is large global institutional participants, including tier-1 investment banks, proprietary trading firms and market makers, clearing banks, and family offices. The company has assembled an institutional ecosystem anchored by general clearing participants (ABN AMRO Clearing, Standard Chartered Bank, Marex, Nomura/Laser Digital), market makers (Virtu Financial, IMC), and early trading participants (KGI, Laser Digital). GFO-X generates revenue through transaction fees on trading and clearing of its Bitcoin derivatives, with all fees routed through negotiated institutional terms; pricing is not publicly disclosed. The venue reported over $500 million in cumulative trade volume following its first institutional trade in May 2025.

The company is privately held and was founded in 2020/2021, with operations commencing following FCA authorization (FRN 945035) and the April 2024 regulatory approval of LCH SA's clearing service. GFO-X is backed by institutional investors led by M&G Investments (which led a $30M Series B in December 2023 and joined the board), alongside Hivemind Capital, SNZ Holding, IMC, HashKey Capital, Arta TechFin, IN Capital, Holon, byWiT, and Baboon VC. The business model is B2B institutional with an enterprise field sales motion, supported by channel partnerships with tier-1 banks and ISV integrations.

Name

Global Futures and Options

Legal name

Global Futures and Options Ltd

Website

https://gfo-x.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

51–100 employees

Short description

GFO-X operates a UK FCA-authorized Multilateral Trading Facility for cash-settled Bitcoin index futures and options, centrally cleared via LCH DigitalAssetClear. It serves large global institutional participants — investment banks, clearing firms, market makers, and family offices — via tier-1 ISV and clearing-bank partnerships.

Ownership category

akta.pro rank

Product category

Digital Asset Derivatives Trading Venue

NAICS

Securities and Commodity Exchanges (523210)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Cleared OTC Derivatives Trading Facilities (SEF/OTF-like platforms) (FSAFABAL)

Keywords

• Digital asset derivatives
• Bitcoin futures trading
• Regulated trading venue
• Institutional crypto derivatives
• Centrally cleared derivatives

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Trading and Clearing Fees: GFO-X generates revenue through trading fees on its BTC futures and options contracts, with all contracts centrally cleared via LCH DigitalAssetClear
2. Block Trade Fees: Fees from wholesale block trading enabling investors to transact in size via single or multi-leg block trades

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core offering

GFO-X operates a FCA-authorized Multilateral Trading Facility (MTF) for digital asset derivatives, offering cash-settled Bitcoin index futures and options contracts for institutional investors. All contracts are centrally cleared via LCH DigitalAssetClear, with the platform integrated into major institutional trading ISVs including Trading Technologies, CQG, ION, and Liquid Mercury. The venue provides institutional-grade risk management tools, block trading capabilities, and UK/BMR-compliant reference indices developed with Coin Metrics.

Product overview

GFO-X is a platform offering a comprehensive suite of cash-settled Bitcoin index futures and options contracts for institutional investors. The core products include BTC Futures (GFBTF) and BTC Options (GFBTO), both referencing robust UK/BMR-compliant indices developed with Coin Metrics and administered by BITA. All contracts are centrally cleared via LCH DigitalAssetClear, providing transaction security and minimising counterparty risk. The platform integrates with major trading ISVs (Trading Technologies, CQG, ION, Liquid Mercury) and offers institutional-grade risk management tools including Pre Trade Risk Management (PTRM), block trading capabilities, and FIX drop copy services. Built for institutions, GFO-X provides a cutting-edge trading platform delivering a secure and efficient venue to seamlessly hedge and manage digital asset exposure.

Differentiator

Problem solved

Functional benefit

Products and services

• BTC Futures (GFBTF)
• BTC Options (GFBTO)
• Block Trading Facility
• GFO-X/Coin Metrics Single Asset Real-Time Bitcoin Index (GFOXBR)
• GFO-X/Coin Metrics Single Asset London 4pm Bitcoin Index (GFOXBE) Daily fixing index for GFO-X derivative contracts. Calculated and published as a daily fixing providing representative indication of Bitcoin price at 16:00 hours local London time. Used for Final Settlement Price determination.

Quantifiable outcome

• Over $500M in trade volume

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature4 records

Partnerships

14 partnerships are on record, tiered core and major.

• Laser Digital (Nomura)coreStrategic or Co-development Partner · 22 April 2025Laser Digital, Nomura's digital asset subsidiary, offers its extensive client base access to GFO-X's centrally cleared digital asset futures and options products. Strategic partnership to support launch of UK-regulated venue.
• ABN AMRO ClearingcoreChannel Partner/ Reseller/ Distributor · 9 December 2024General Clearing Participant on GFO-X. ABN AMRO Clearing provides integrated solutions in clearing, execution, custody, financing, and risk management, processing over 20 million trades daily across 160+ exchanges.
• Standard Chartered BankcoreChannel Partner/ Reseller/ Distributor · 9 December 2024General Clearing Member joined LCH SA to enable clients to trade and clear on GFO-X. Standard Chartered partnered to enable use of digital assets as collateral for trading in ADGM venue.
• Virtu FinancialcoreChannel Partner/ Reseller/ Distributor · 9 December 2024Virtu provides market making and liquidity sourcing globally. As a non-clearing participant, Virtu supports GFO-X as a market maker bringing broadening adoption and increasing demand.
• Marex FinancialcoreChannel Partner/ Reseller/ Distributor · 9 December 2024Marex joined as General Clearing Participant to expand institutional access to regulated and centrally cleared digital asset derivatives.
• LCH SA (London Stock Exchange Group)coreStrategic or Co-development Partner · 13 April 2023Strategic partnership for trading and clearing of Bitcoin index futures and options. LCH SA provides centralized clearing through LCH DigitalAssetClear service. LCH SA received regulatory approval to clear Bitcoin derivatives in April 2024.
• Trading TechnologiescoreTechnology or IntegrationTT provides global capital markets platform services for end-to-end trading operations. GFO-X clients can access markets via TT's multi-asset trading platform.
• CQGmajorTechnology or IntegrationCQG provides integrated trade routing, global market data, and advanced technical analysis tools for GFO-X markets.
• ION GroupmajorTechnology or IntegrationION software helps digitize and automate business critical processes for financial institutions. Partnership powers market access, clearing, and margin processing.
• Liquid MercurymajorTechnology or IntegrationLiquid Mercury provides institutional-grade infrastructure for trading crypto derivatives, access to deep liquidity, and trading tools for buy-side and institutional sell-side professionals.
• Coin MetricscoreTechnology or IntegrationCoin Metrics develops reference indices for GFO-X's derivative contracts. The GFO-X/Coin Metrics indices (GFOXBE and GFOXBR) are UK/BMR compliant and administered by BITA.
• EquinixmajorTechnology or IntegrationData center infrastructure provider supporting GFO-X's trading platform.
• Arta TechFinmajorStrategic or Co-development PartnerPartnered to enhance global liquidity and trading services of regulated digital asset derivatives. ARTA brings Asian-based client flow via regulated derivatives solutions. In 2022 ARTA invested in GFO-X.
• Standard CharteredmajorStrategic or Co-development PartnerStandard Chartered and GFO-X partner to enable use of digital assets as collateral for trading in ADGM venue.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• CME Group: CME is the world's largest derivatives exchange and lists regulated Bitcoin and Ethereum futures and options with central clearing. It competes directly with GFO-X for institutional crypto derivatives volume but operates across a much broader asset class portfolio.
• OKX: OKX is a major global crypto exchange offering futures, options, perpetuals, and spot. While offshore and not regulated like GFO-X, it is a major competitor for institutional crypto derivatives flow.
• Binance: Binance is the world's largest crypto exchange by volume, with deep derivatives markets. Despite regulatory headwinds, it remains the primary volume competitor to GFO-X and similar regulated venues.
• Coinbase Exchange: Coinbase is the largest US-regulated crypto exchange with institutional prime brokerage, custody, and derivatives. Its regulated institutional stack competes with GFO-X for global institutional crypto allocation.

Direct peers

• Deribit: Deribit is the dominant global crypto options exchange and is being acquired by Coinbase. It is the primary direct competitor to GFO-X in institutional Bitcoin options, though it operates from offshore jurisdictions without FCA-equivalent oversight.
• EDX Markets: EDX Markets is an institutional digital asset spot exchange backed by Citadel, Fidelity, and Charles Schwab. While currently focused on spot, it pursues the same institutional, regulated-venue thesis as GFO-X and represents direct strategic competition.
• LMAX Group: LMAX Exchange is an FCA-regulated MTF for FX and crypto institutional trading with central clearing. It targets the same institutional client base with regulated execution and is one of the closest direct comparables for GFO-X's UK MTF model.
• Bakkt: Bakkt is a regulated digital asset platform offering institutional trading and custody, including crypto derivatives. It pursues a similar regulated-institutional positioning in the US market, making it a comparable regulated crypto venue peer.
• Coinbase Derivatives: Coinbase Derivatives (formerly FairX) operates a CFTC-regulated US derivatives exchange for crypto futures. It targets the same regulated institutional derivatives segment as GFO-X but in the US market.

Regional players

• HashKey Exchange: HashKey is a Hong Kong-licensed virtual asset exchange and is also an investor in GFO-X. It serves the same regulated institutional crypto segment in Asia, overlapping with GFO-X's Hong Kong presence.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds3 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Global Futures and Options