CFTC Registers Coinbase Clearing For Fully Collateralized Derivatives
The approval covers futures, options on futures and swaps, with services planned for market participants and futures commission merchant customers.
The Commodity Futures Trading Commission registered Coinbase Clearing LLC as a derivatives clearing organization on Sept. 28, allowing the unit to clear fully collateralized futures, options on futures and swaps in U.S. markets.
Coinbase Clearing’s application says it expects to provide clearing services for contracts traded on designated contract markets and swap execution facilities. The unit plans to serve market participants directly and customers of futures commission merchants that become clearing members.
The CFTC order says Coinbase demonstrated compliance with the requirements for derivatives clearing organizations under Section 5b of the Commodity Exchange Act and CFTC Regulation 39.3(a).
The application describes a model limited to fully collateralized products, which does not require variation-margin calculations or a default fund. Coinbase has separately supported USDC collateral in regulated derivatives clearing through Marex, where Prime Trading LLC executed the first transaction in July.
The registration materials do not specify USDC as Coinbase Clearing’s settlement or collateral asset. They confirm registration but do not establish when live clearing operations will begin.
