芝加哥選擇權交易所在監管陰霾中重組加密貨幣業務

芝加哥選擇權交易所全球市場正在徹底改革其數位資產業務，終止其數位現貨市場，並將數位資產衍生性商品交易整合到其全球衍生性商品和清算業務中。由於監管不確定性，並且作為其戰略審查的一部分，芝加哥期權交易所數位現貨市場將於 2024 年第三季度關閉，比特幣和以太坊期貨將於 2025 年轉移到芝加哥期權交易所期貨交易所。

Cboe Global Markets Reorganizes Digital Asset Trading Operations Amidst Lack of Regulatory Clarity

芝加哥期權交易所全球市場在監管不明確的情況下重組數位資產交易業務

Chicago, Illinois, March 14, 2023 - Cboe Global Markets, a leading equity exchange network, has announced a major reorganization of its digital asset trading operations, citing the lack of regulatory clarity in the digital asset space. The move includes the closure of its digital spot market and the integration of digital asset derivative trading into its Global Derivatives and Clearing businesses.

伊利諾州芝加哥，2023 年 3 月 14 日 - 領先的股票交易網絡芝加哥期權交易所全球市場 (Cboe Global Markets) 宣布對其數位資產交易業務進行重大重組，理由是數位資產領域缺乏明確的監管。此舉包括關閉其數位現貨市場以及將數位資產衍生性商品交易整合到其全球衍生性商品和清算業務中。

Strategic Shift Amidst Regulatory Uncertainty

監管不確定性下的策略轉變

In a statement, Cboe highlighted that the changes are part of its strategic review and align with its long-term strategy. The company acknowledged the lack of regulatory clarity in the digital asset space, which it believes has hindered the growth and maturity of the market.

芝加哥選擇權交易所在聲明中強調，這些變化是其策略審查的一部分，並與其長期策略保持一致。該公司承認數位資產領域缺乏明確的監管，認為這阻礙了市場的成長和成熟。

"These changes are being made as part of Cboe's strategic review, taking into consideration the lack of regulatory clarity in the digital space, and are aligned with Cboe's longer term strategy," the exchange said.

該交易所表示：“考慮到數位領域缺乏監管清晰度，這些變化是芝加哥期權交易所戰略審查的一部分，並且與芝加哥期權交易所的長期戰略保持一致。”

Integration of Digital Asset Derivatives into Global Derivatives Business

數位資產衍生性商品融入全球衍生性商品業務

Effective immediately, digital asset derivative trading will be removed from Cboe Digital and integrated into Cboe's Global Derivatives and Clearing businesses. This move will enhance Cboe's ability to offer a comprehensive suite of derivative products across various asset classes, including digital assets.

立即生效，數位資產衍生性商品交易將從 Cboe Digital 中刪除，並整合到 Cboe 的全球衍生性商品和清算業務中。此舉將增強芝加哥期權交易所提供跨各種資產類別（包括數位資產）的全套衍生產品的能力。

"We expect to continue to see greater demand for exchange-traded [digital asset] derivatives to help manage crypto exposures, hedge risk and enhance capital and operational efficiencies," said David Howson, Global President of Cboe Global Markets.

芝加哥期權交易所全球市場全球總裁 David Howson 表示：“我們預計對交易所交易（數位資產）衍生品的需求將繼續增加，以幫助管理加密貨幣敞口、對沖風險並提高資本和營運效率。”

Closure of Digital Spot Market in Third Quarter of 2024

數位現貨市場將於 2024 年第三季關閉

Cboe's digital spot market, which facilitates the trading of physical digital assets, will close in the third quarter of 2024. The exchange will move cash-settled Bitcoin and Ether futures contracts from the Cboe Digital Exchange to the Cboe Futures Exchange in the first half of 2025, subject to regulatory review and certain corporate approvals.

芝加哥選擇權交易所促進實體數位資產交易的數位現貨市場將於2024 年第三季關閉。轉移至芝加哥選擇權交易所期貨交易所。

Alignment of Clearing Operations

清算業務的協調

Cboe Clear Digital, the clearing arm of Cboe Digital, will be aligned with Cboe Clear Europe under the unified leadership of Vikesh Patel, President of Cboe Clear Europe. This alignment will streamline Cboe's clearing operations and leverage the expertise of Cboe Clear Europe, a leading European clearer of digital asset derivatives.

Cboe Digital 的清算部門 Cboe Clear Digital 將在 Cboe Clear Europe 總裁 Vikesh Patel 的統一領導下與 Cboe Clear Europe 結盟。此次調整將簡化 Cboe 的清算業務，並利用歐洲領先的數位資產衍生性商品清算機構 Cboe Clear Europe 的專業知識。

Cost Savings and Improved Efficiency

節省成本並提高效率

Cboe expects to realize significant cost savings from the closure of its digital spot trading arm. The company estimates savings of $2 million to $4 million in 2024, which it considers an "immaterial impact" on its 2024 net revenue. However, ongoing savings are projected to reach $11 million to $15 million annually.

芝加哥選擇權交易所預計，關閉其數位現貨交易部門將大幅節省成本。該公司預計 2024 年將節省 200 萬至 400 萬美元，並認為這對其 2024 年淨收入產生「無關緊要的影響」。然而，預計每年持續節省的費用將達到 1,100 萬至 1,500 萬美元。

Cboe's Acquisition of ErisX

Cboe 收購 ErisX

The reorganization comes after Cboe's May 2022 acquisition of ErisX, a leading digital asset exchange and clearing platform. The timing of the acquisition coincided with the onset of the crypto winter, which has impacted the performance of the digital asset market.

此次重組是在 Cboe 於 2022 年 5 月收購領先的數位資產交易和清算平台 ErisX 後進行的。此次收購的時機恰逢加密貨幣冬天的到來，影響了數位資產市場的表現。

In August 2022, Cboe declared a $460 million goodwill impairment in its second-quarter earnings results due to the acquisition of ErisX. Goodwill impairment reflects the loss incurred when the value of an acquired asset declines below its purchase price. In November 2022, Cboe Digital brought on 13 investor partners to support its business.

2022年8月，Cboe宣布因收購ErisX而在第二季獲利結果中出現4.6億美元的商譽減損。商譽減損反映了當所收購資產的價值低於其購買價格時所產生的損失。 2022 年 11 月，Cboe Digital 聘請了 13 家投資者合作夥伴來支持其業務。

Conclusion

結論

Cboe's reorganization of its digital asset trading operations reflects the challenges and uncertainties surrounding the regulatory landscape for digital assets. The company's strategic shift towards derivatives and its focus on cost efficiency demonstrate its commitment to navigating the evolving digital asset market. As regulatory clarity emerges, Cboe will continue to adapt and innovate to meet the evolving needs of its customers.

芝加哥期權交易所對其數位資產交易業務的重組反映了圍繞數位資產監管環境的挑戰和不確定性。該公司向衍生性商品的策略轉變以及對成本效率的關注表明了其致力於引領不斷發展的數位資產市場的承諾。隨著監管的明確化，芝加哥選擇權交易所將繼續適應和創​​新，以滿足客戶不斷變化的需求。