The CFTC registers Backpack Clearing as a derivatives clearinghouse, but the exchange it would serve still awaits approval

The Commodity Futures Trading Commission has registered Backpack Clearing as a derivatives clearing organization, the type of firm that stands behind trades on a US derivatives exchange. The agency's filings page lists TLD Clearing, Inc., which does business as Backpack Clearing, as registered on November 13 by Commission order, with permission to clear margined futures, fully collateralized futures, options on futures and swaps.

The company's application describes wider ambitions. It says it plans to clear crypto derivatives, including perpetual-style futures, as well as event contracts and equity-linked derivatives, in a phased launch that starts with a limited set of products. Every product would have to trade on a registered exchange.

That is the catch. TokenPost reported that the affiliated exchange, TLD Markets, filed on April 22 to become a designated contract market and is still under CFTC review. The clearinghouse's filing is part of a coordinated application that also covers an exchange and a broker, with the exchange approval still pending, according to TokenPost.