GFO-X Launches Regulated Digital Asset Derivatives Trading Venue

First Institutional Trade Successfully Executed 

The New UK Trading Venue Brings Institutional–Grade Market Infrastructure, Central Clearing, and Deep Liquidity to Digital Asset Derivatives 

LONDON, May 13, 2025 (GLOBE NEWSWIRE) — GFO–X today announced the successful launch of its UK FCA regulated trading venue for centrally cleared digital asset derivatives. The venue is designed to meet the increasing institutional demand for secure, transparent, and compliant digital asset futures and options. GFO–X brings together best–in–class market infrastructure, deep liquidity, and central clearing to solve for credit and significantly reduce counterparty risk. 

As part of its successful debut, the first institutional trade between two leading financial institutions, Virtu Financial and IMC, was executed on GFO–X and centrally cleared through LCH DigitalAssetClear, marking a milestone in the evolution of institutional–grade digital asset markets. The new venue brings additional depth, breadth, and diversification to the limited choices in centrally cleared digital asset index derivatives. 

GFO–X CEO, Arnab Sen, said, “The launch of GFO–X is a further foundational step toward increased institutional digital asset derivatives trading, providing the infrastructure, central clearing, robust risk mitigation, and liquidity. With our first trade executed between two leading financial institutions providing deep liquidity, we are expanding the market for centrally cleared digital asset derivatives.”

Addressing the Institutional Surge in Digital Asset Derivatives Demand

The global market for digital asset derivatives has seen explosive growth, with options and futures trading volumes growing exponentially. Institutional investors, including hedge funds, proprietary trading firms, and asset managers, increasingly turn to structured products underpinned by derivatives to hedge risk, enhance yield strategies, and gain exposure to crypto markets with greater regulatory clarity. 

GFO–X has been purpose–built to bridge the gap between traditional finance and digital assets by offering: 

  • Regulated Trading & Transparency – Operating under UK FCA authorisation, ensuring compliance with global financial standards. 
  • Institutional–Grade Liquidity – Deep order books supported by industry leading market makers and participants, including IMC, Laser Digital and Virtu Financial. 
  • Leading Clearing Bank integrations at launch – including ABN AMRO Clearing, Nomura and Standard Chartered. 
  • Central Clearing for Counterparty Risk Mitigation by LCH DigitalAssetClear ensures secure margining, collateral management, and default protections. 
  • Advanced Market Infrastructure – A high–speed matching engine designed for low–latency execution and high–frequency trading. 

With institutional adoption accelerating, GFO–X will continue expanding its product suite, initially offering Bitcoin index futures and options. 

Market participants can now onboard and begin trading, with several additional leading financial institutions already lined up for integration. As institutions increasingly seek regulated, scalable solutions for digital asset derivatives trading, GFO–X is positioned to become a premier venue in the evolving landscape of institutional crypto derivative markets. 

For more information about GFO–X and its upcoming developments, please visit www.gfo–x.com or contact sales@gfo–x.com. For press enquiries, contact Serra Balls, Eterna Partners gfo–[email protected].

Marcus Robinson, Head of DigitalAssetClear and CDSClear, LCH, said, “We are delighted to partner with GFO–X to launch this highly anticipated service from LCH SA. The regulated clearing infrastructure within LSEG’s post trade ecosystem has allowed us to build something meaningful for our participants and address the availability of options for a rapidly growing asset class. It is essential that we find ways to offer regulated, segregated and trusted routes to provide customers with a diverse breadth of services and we are excited to continue working with GFO–X to offer a regulated marketplace for this asset class.” 

Barry Polak, Lead Product Commerce, ABN AMRO Clearing, said,We are excited to partner with GFO–X, the UK's first regulated and centrally cleared trading venue dedicated to digital asset derivatives. This strategic collaboration underscores our shared commitment to advancing the institutional digital asset futures and options market. By leveraging LCH DigitalAssetClear's clearing services, we enhance transaction security and minimise counterparty risk, offering our clients unparalleled confidence in trading Bitcoin futures and options. A logical step to continue to lead the way to safe and transparent markets.”

Osi Lilian, IMC Strategic Investments Co–Lead, said, “IMC was proud to be one of the earliest investors in GFO–X in 2021. We aligned with their vision of establishing the UK's first regulated and centrally cleared trading venue for digital asset derivatives, built on secure, high–performance technology and robust risk management. As a market maker, our strategic connection with GFO–X underscores our commitment to the institutional digital asset futures and options market – a rapidly evolving space we believe holds significant potential for continued growth and opportunity.”

Olivier Dang, Head of Ventures at Laser Digital, said, “We are thrilled to partner with GFO–X as they launch the UK's first regulated and centrally cleared trading venue dedicated to digital asset derivatives. This collaboration aligns perfectly with our vision to drive innovation and growth in the digital asset market.”

Andy Ross, Global Head, Prime & Financing, Financing & Securities Service, Standard Chartered, said, “We’re delighted to support the launch of GFO–X derivatives and to join LCH SA as a general clearing member to enable our clients to trade and clear. We continue to invest in servicing our clients broadly across the crypto space in coin, token and derivative form.

Virtu makes markets globally and is excited to support new and innovative platforms for digital assets in this role. We see broadening adoption and increasing demand as the crypto markets continue to mature and embrace the risk management benefits and capital efficiencies of centralised clearing.”

About GFO–X 
GFO–X is the UK’s first regulated and centrally cleared trading venue dedicated to digital asset derivatives. 
  
GFO–X provides comprehensive risk management with clearing provided by the London Stock Exchange Group’s (LSEG) LCH SA DigitalAssetClear. 
  
Combining proprietary high–performance technology with industry–leading partnerships and infrastructure, GFO–X delivers the requirements necessary to grow the institutional digital asset derivatives market.   
  
Backed by M&G Investments and authorised by the UK Financial Conduct Authority (FCA) in 2022, GFO–X’s regulation–first approach has enabled it to partner with some of the largest financial institutions in the world.  
  
GFO–X believes the digital asset futures and options markets will grow exponentially over the coming years as the asset class matures and more sophisticated investors begin to participate in greater size. By solving market constraints such as counterparty risks and technology challenges, GFO–X has been established to deliver a robust market structure and innovative products to propel the next leg of growth of the digital asset ecosystem.

Contact:

GFO–[email protected]
+44 7762943498


GLOBENEWSWIRE (Distribution ID 1001096243)

UN’s Proposed Structural Changes Laid Out in a “Strictly Confidential” Internal Document

By Thalif Deen
UNITED NATIONS, May 13 2025 – A six-page internal document, marked “STRICTLY CONFIDENTIAL” on every single page – indicating restricted access to protect sensitive information– is one of the most comprehensive “compilation of non-attributable suggestions by the UN80 Task Force” on the proposed restructuring of the world body.

The memo says “the progressive proliferation of UN agencies, funds, and programs has led to a fragmented development system, with overlapping mandates, inefficient use of resources, and inconsistent delivery of services”.

Excerpts from the document.

• Outdated working methods leading to inefficiencies while intergovernmental meetings are not making use of modern tools and technologies.

• Overlapping agendas – such as between ECOSOC and its functional commissions and expert bodies, and those of the General Assembly and its Second and Third Committees – leading to duplication of efforts.

• Geopolitical shifts and substantial reductions in foreign aid budgets challenging the legitimacy and effectiveness of the Organization and

• the continued inflation of Under-Secretaries-General (USG), Assistant Secretaries-General (ASG) and Directors (D) positions.

UN Secretary-General Antonio Guterres

Ambassador Anwarul K. Chowdhury, a former Under-Secretary-General and High Representative of the UN (2002-2007) and Permanent Representative of Bangladesh to the UN (1996-2001), told IPS Secretary-General Antonio Guterres would be remembered for introducing fancy nomenclature for his initiatives such as “Pact for the Future” which got acronymized as POTF and UN 2.0 and now UN80.

“It is difficult to understand why the long overdue structural and programmatic reforms of the UN system need to be timed with the organization’s 80th anniversary. Expectedly, such anniversary-rationaled and liquidity-crunch-panic-driven, window-dressing reform agenda would face major challenges before it takes off.”

Since it was launched at the beginning of last March, the UN80 initiative has not been discussed with the UN Member States who would decide its fate or civil society, or most importantly, , its staff the backbone of the organization, and its staff members who are expected to be most directly affected in a major way, said Ambassador Chowdhury, who was also the Chairman of the UN General Assembly’s Administrative and Budgetary Committee (1997-1998)

“These so-called structural reforms have been on the agenda of at least for the last four Secretaries-General but without having much significant impact, except acronym-changing, mandate-creeping and structure-tweaking”.

The internal confidential memo has identified systemic dysfunctions, namely, mandate overlap, bureaucratic sprawl, slow decision-making, and a disconnect between headquarters and field realities.

The multiplication of senior posts and competition among entities have undermined collaboration and confused partners on the ground, he said.

“I believe the UN is resilient enough to overcome the multiple crises it has been facing for years. The SG needs to show determination and solidarity with the staff under his leadership without succumbing to the undue pressures.”

DOGE-UN like efforts needs to be dodged effectively by the leadership of the UN. It is not a make-or-break situation. The SG needs to speak openly and publicly with the staff as a part of the initiative to wither the storm, said Ambassador Chowdhury.

As a senior UN official conversant with the issues said recently “Restructuring and merging UN entities are not a panacea for the UN’s problems. They should be embarked upon only if they lead to a more effective and efficient organization.”

“I agree fully with him and emphasize that the UN should take this challenge as an opportunity to change”, he declared.

Samir Sanbar, a former Assistant Secretary-General and head of the UN’s one-time Department of Public Information (DPI) told IPS: “Reform and Restructuring” were terms habitually and conveniently used to erode international civil service and undercut relevant potential initiatives by the Secretary-General whose vague role in the Charter allows for varied interpretations by different Secretaries General.

The “big five” permanent members (P5) may disagree in politics yet discreetly agree to influence basic decisions inside the Secretariat. The United Nations clearly needs the big powers to survive yet it needs the developing countries to succeed, he argued.

Meanwhile, the document also refers to Systemic solutions:

• Advance a more streamlined, impactful, and fiscally responsible organization by building on three core principles: integration to foster greater mandate coherence, consolidation to improve functional efficiency, and coordination to enhance overall effectiveness.

• Move towards a more integrated and collaborative model whose footprint reflects fiscal responsibility.

• Rationalize programmes/entities implementing similar mandates to eliminate redundancy and ensure a strategic reduction of the UN’s presence in high-cost locations to ensure long-term financial sustainability.

• Position reforms as proactive measures to enhance UN agility and responsiveness that extends beyond measures for cost-cutting or austerity.

• Ensure a system-wide commitment to delivering the UN’s mandate in ways that are principled, forward-looking, innovative and effective.

• Increase scale for greater impact.

• Reduce number of high-level posts (D1 and above)

Peace & Security

Merge multiple entities into a single Peace and Security entity.

— Establish a UN Peace & Security Department managing political, peace & peacebuilding engagement globally, including DPPA, DOS, DPO, ODA, UNODC, OCT, OSAA.

— Establish a single Department of Political Affairs and Peace Operations by merging DPPA and DPO, headed by a single USG. Consolidate substantive/technical support functions for peace in one structural location.

— [Partial merger] Comprehensive restructuring of DPO and DPPA, further consolidating their regional divisions and policy divisions to eliminate redundancies, improve coordination, and enhance the relevance of policies.

–Consider moving Peace and Security resources closer to the field.

— Consider a regional approach and decentralisation policy for Secretariat entities. Send the regional and policy offices for DPA, DPKO, OCHA to their respective regions to be nearer the areas they cover, just like the Agencies, Funds and Programmes have done. The USG, ASG with respective front offices, as well as offices that directly support the GA, various committees and the Security Council, should remain in New York.

— Consider strategic relocation of peace and security personnel closer to field missions to improve responsiveness and effectiveness.

— Decentralize a significant percentage of political, peace & peacebuilding resources to regional levels and UNCTs.

— Consolidate Special Envoy and Special Advisor mandates to eliminate overlaps, such as UNOCA overlapping mandate with MINUSCA and MONUSCO; and, the SRSG for Horn of Africa and SRSG for the Great Lakes’ overlapping mandates with the countries they cover. Consider a possible merger of UNOAU and the Great Lakes Office.

–Establish a single Office for Counter-Terrorism, by merging OCT and UNODC’s counterterrorism related policy functions or a broader merger of the two entities.

— Establish a single Office for Disarmament Affairs with USG/High Representative for Disarmament relocating and also serving as Director-General of UNOG. Integrate ODA’s regional programmatic capacities into UN’s regional hubs or broader regional UN presences.

–Strengthen coordination between UNIDIR and OPCW. Consider merging UNIDIR with UNITAR and further consolidate with other research & training institutes.

Humanitarian Affairs

Merge multiple entities into a single humanitarian entity.

— Create a streamlined “UN Humanitarian Response and Protection Organization”, by integrating OCHA, UNHCR and IOM, leveraging WFP’s expertise for material assistance procurement, distribution and logistics.

— Establish a UN Humanitarian Operations Department managing UN-wide humanitarian preparedness and response, including OCHA, WFP, UNRWA and a UN Refugee & Migration Agency (merging UNHCR and IOM). Consider whether UNDP Crisis Bureau should be consolidated into Department.

— Merge operational responsibilities and capabilities of major operational agencies (WFP, UNHCR, UNICEF, WHO) in humanitarian and conflict affected contexts.

–Merge Rome-based agencies’ operational capacity.

–Align programmes for overlapping agencies: UNHCR and IOM; WFP and FAO; etc.

–Consider whether OCHA should remain in New York or move to ensure field operations are much more localized with implementing partners.

Sustainable Development

–Consolidate and reduce the number of UN development system entities.

— Establish a UN Sustainable Development Department that consolidates relevant entities to ensure cohesive and integrated support for the 2030 Agenda and the SDGs, including: (Secretariat entities) DCO, DESA, UNDRR, UN-OHRLLS and (other entities) UNDP, UNCDF, UNV, UNRISD, FAO, IFAD, UN-Habitat, WHO, UN-Women, UNESCO, UNICEF, UNEP, WB, IMF, WTO, UNOPS, UNICEF, UNIDO, UNESCO.

— Migrate financially non-viable entities. For example, UNAIDS, under severe financial pressure and with a sunset clause of 2030, could transition into another, larger entity such as WHO or UNDP.

— Merge UNDP and UNOPS, creating a single entity to seamlessly integrate strategic planning with project implementation. Integrate the International Computing Centre (ICC) to provide efficient and tailored IT support.

–Integrate UNFCCC into UNEP to create a stronger global environment authority and consolidating the administrative functions under UNON’s existing support structure for UNEP. Consider whether COP in current form should be discontinued.

— Strategic integration of UNAIDS into WHO, creating a more unified and efficient global health authority. o Merge UN WOMEN and UNFPA to create a powerful new entity focused on advancing gender equality and reproductive health and rights.

–Align select UNICEF programmes with this new entity, especially those focused on adolescent girls’ well-being and gender-based violence prevention and response. o Center the structural reform proposals around our four basic pillars, each with a geographic focus (Nairobi/ Africa should be the center of development agencies, including UNDP/ UNICEF/ UNFPA).

Strengthen coordination among development entities, including:

— Enhance coordination between the UNEP and UN-Habitat to promote sustainable urban development.

— Enhance coordination between UNCTAD and ITC to effectively integrate policy expertise with capacity-building, resulting in more impactful programmes.

–Reorganizing UNDP’s Regional Bureaux around countries’ shared development challenges rather than traditional geographic regions would improve programme relevance, resource allocation, and partnerships with multilateral banks.

— Consolidate Functional Commissions under ECOSOC; rotate Functional Commission meetings to be held among Regional Commissions or hold them in Nairobi; consider replacing annual with biennial sessions.

Human Rights

–Merge multiple entities into a single human rights entity.

— Establish a unified “Office for the Protection of Vulnerable Populations” by consolidating offices dealing with protection issues affecting vulnerable populations (CAAC, SVC, VAC, SEA) within OHCHR.

— Consolidate the specialized protection mandates and offices in OHCHR, with each area headed at Director level, reporting to ASG/OHCHR.

— Establish a UN Human Rights Department led by High Commissioner for Human Rights, coordinating human rights promotion and protection across the UN system, including servicing the UN human rights mechanisms and integrating human rights into sustainable development, peace & security and humanitarian engagement.

–Merge protection mandates (CAAC, SVC, VAC, Genocide Prevention & Responsibility to Protect into the Department. Reduce senior posts by replacing existing 4 USGs + 1 ASG with 1 ASG + 1 D2 + 2 D1s, thereby lowering costs, and redistribute existing resources from respective offices across the Department – prioritizing use of RB resources to fulfill existing mandates

Resident Coordinators system

–Streamline coordination arrangements at country, regional and global levels by transitioning current coordination arrangements, including fixed RCs, RCOs with rigidly defined staff capacities and a large DCO headquarters and regional presence into a smaller and more focused support structure.

–Explore rotational leadership among UN Country Team heads to maintain UN coherence without fixed infrastructure, supported by an agile and lean DCO that would support the UNSDG as its Secretariat. Only in cases of humanitarian emergencies, dedicated RC/HCs would be necessary to deploy, given the complexity of these settings.

–Boost coordination/leadership role of RC/HC, including clearer oversight of agencies in country and a prioritised country strategy. • Strengthen coordination between the UN Resident Coordinator System and the Regional Economic Commissions to foster integrated regional development strategies, improve data sharing and enhance policy advocacy.

–Consider a strategic reduction of the Resident Coordinator System’s presence in countries to optimize resource allocation and promote greater national ownership of development initiatives.

–Consider a fundamental re-orientation of the UN system’s country-level engagement, including by folding in peace and political missions and ensuring that RCs can utilize pooled funds to reconfigure and tailor engagement based on changes on the ground.

Cross-cutting proposals Structural

–Establish an Executive Secretariat supporting the Secretary-General’s leadership and coordination of the UN system by managing all corporate services, including: administration, management, communications, human resources, policy, strategic planning, secretariat support to Charter-based organs. The Executive Secretariat would include EOSG, DGACM, DGC, DMSPC, OLA, DSS, OIOS, Ethics Office, Ombuds, Administration of Justice, UNON, UNOV, UNOP & UNOG.

–Establish a unified ‘Normative Policy Hub’, which could consolidate several functions: o Elements of OHRLLS focused on development advocacy, into other entities’ global policy functions.

— Other small Secretariat offices with thematic mandates on human rights, civic space, migration policy, and innovation, where mandate complementarity exists.

–Streamline/merge thematic Special Envoy offices, including the Office of the Special Envoy for Africa and the Office of the SRSG to the African Union; the Office of the Tech Envoy; Offices of Special Envoys / Advisers with narrow or duplicated mandates, e.g. Indigenous Issues, Small Island States.

–Conduct cost-benefit analyses for merging entities serving similar sectors or audiences (e.g., digital, youth-focused initiatives); consider integrating them into unified units with shared resources.

Other proposals

–Revisit the frequency of intergovernmental meetings; streamline reporting processes; explore alternative information-sharing tools and formats such as policy briefs or dashboards like SDG tools instead of written annual reports by the Secretary-General; digitize processes using real-time platforms and data tools, to better support hybrid and virtual meetings.

–Before creating new offices, make all efforts to delegate functions to existing structures.

–Avoid creating new coordination mechanisms (especially multi-layer coordination) and strengthen existing coordination mechanisms.

–More coherent approach to future: climate change/AI/cyber/big tech/data: consolidate various units into centralized capacity under a USG for the future.

IPS UN Bureau Report

 


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