London Exchange LMAX Group to launch Bitcoin and Ethereum perpetual contract products

London-based exchange LMAX Group is launching cash settlement contracts pegged to Bitcoin and Ethereum, a product called "perpetual futures contracts" that allows traders to hold positions indefinitely without rolling. "Permanent futures have dominated the cryptocurrency market for the past three or four years. We learned from clients, including some of the largest proprietary trading companies and brokers, that they are looking for ways to use leverage to enter the cryptocurrency market," said David Mercer, CEO of LMAX. LMAX initially focused on Forex trading, providing crypto trading and custody platforms for institutional clients such as proprietary trading companies, asset management companies and brokerage companies. In July this year, Coinbase Financial Markets began offering similar contracts. The Chicago Board Options Exchange said last week that it plans to launch another version of the product in November.