芝加哥期权交易所在监管阴霾中重组加密货币业务

芝加哥期权交易所全球市场正在彻底改革其数字资产业务，终止其数字现货市场，并将数字资产衍生品交易整合到其全球衍生品和清算业务中。由于监管不确定性，并且作为其战略审查的一部分，芝加哥期权交易所数字现货市场将于 2024 年第三季度关闭，比特币和以太坊期货将于 2025 年转移到芝加哥期权交易所期货交易所。

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

芝加哥期权交易所全球市场在监管不明确的情况下重组数字资产交易业务

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.

伊利诺伊州芝加哥，2023 年 3 月 14 日 - 领先的股票交易网络芝加哥期权交易所全球市场 (Cboe Global Markets) 宣布对其数字资产交易业务进行重大重组，理由是数字资产领域缺乏明确的监管。此举包括关闭其数字现货市场以及将数字资产衍生品交易整合到其全球衍生品和清算业务中。

Strategic Shift Amidst Regulatory Uncertainty

监管不确定性下的战略转变

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.

芝加哥期权交易所在一份声明中强调，这些变化是其战略审查的一部分，并与其长期战略保持一致。该公司承认数字资产领域缺乏明确的监管，认为这阻碍了市场的增长和成熟。

"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.

该交易所表示：“考虑到数字领域缺乏监管清晰度，这些变化是芝加哥期权交易所战略审查的一部分，并且与芝加哥期权交易所的长期战略保持一致。”

Integration of Digital Asset Derivatives into Global Derivatives Business

数字资产衍生品融入全球衍生品业务

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.

即刻生效，数字资产衍生品交易将从 Cboe Digital 中删除，并整合到 Cboe 的全球衍生品和清算业务中。此举将增强芝加哥期权交易所提供跨各种资产类别（包括数字资产）的全套衍生产品的能力。

"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.

芝加哥期权交易所全球市场全球总裁 David Howson 表示：“我们预计对交易所交易（数字资产）衍生品的需求将继续增加，以帮助管理加密货币敞口、对冲风险并提高资本和运营效率。”

Closure of Digital Spot Market in Third Quarter of 2024

数字现货市场将于 2024 年第三季度关闭

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.

芝加哥期权交易所促进实物数字资产交易的数字现货市场将于 2024 年第三季度关闭。该交易所将于 2024 年上半年将现金结算的比特币和以太坊期货合约从芝加哥期权交易所数字交易所转移至芝加哥期权交易所期货交易所。 2025 年，需经过监管审查和某些公司批准。

Alignment of Clearing Operations

清算业务的协调

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 的清算部门 Cboe Clear Digital 将在 Cboe Clear Europe 总裁 Vikesh Patel 的统一领导下与 Cboe Clear Europe 结盟。此次调整将简化 Cboe 的清算业务，并利用欧洲领先的数字资产衍生品清算机构 Cboe Clear Europe 的专业知识。

Cost Savings and Improved Efficiency

节省成本并提高效率

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.

芝加哥期权交易所预计，关闭其数字现货交易部门将显着节省成本。该公司预计 2024 年将节省 200 万至 400 万美元，并认为这对其 2024 年净收入产生“无关紧要的影响”。然而，预计每年持续节省的费用将达到 1100 万至 1500 万美元。

Cboe's Acquisition of ErisX

Cboe 收购 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.

此次重组是在 Cboe 于 2022 年 5 月收购领先的数字资产交易和清算平台 ErisX 后进行的。此次收购的时机恰逢加密货币冬天的到来，这影响了数字资产市场的表现。

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宣布因收购ErisX而在第二季度盈利结果中出现4.6亿美元的商誉减值。商誉减值反映了当所收购资产的价值低于其购买价格时所产生的损失。 2022 年 11 月，Cboe Digital 聘请了 13 家投资者合作伙伴来支持其业务。

Conclusion

结论

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.

芝加哥期权交易所对其数字资产交易业务的重组反映了围绕数字资产监管环境的挑战和不确定性。该公司向衍生品的战略转变以及对成本效率的关注表明了其致力于引领不断发展的数字资产市场的承诺。随着监管的明确化，芝加哥期权交易所将继续适应和创新，以满足客户不断变化的需求。