Is it wise for UK CCPs to clear crypto derivatives?

Zi Yang*

*Corresponding author for this work

Research output: Contribution to journalArticle


While crypto derivatives are currently traded over the counter in the UK, Bitcoin futures have been sold in international derivatives markets. This article explores the economic incentives, legal grounds and systemic concerns over clearing crypto derivatives in the UK under the European Market Infrastructure Regulation (EMIR) as retained EU law. It concludes that clearing crypto derivatives is unwise, as systemic risk involved outweighs potential economic gains. Practitioners should experiment in de-centralised clearing to meet the market's desire for reliable crypto derivatives products.
Original languageEnglish
Pages (from-to)115-118
JournalJournal of International Banking & Financial Law
Issue number2
Publication statusPublished - 1 Feb 2023

Bibliographical note

Copyright © Reed Elsevier (UK) Ltd 2023


  • crypto derivatives
  • central clearing
  • de-centralised clearing


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