As part of DRW’s commitment to innovation and integrity in global markets, the firm is pleased to announce that on March 9, 2022, it was approved as a member of the International Swaps and Derivatives Association (ISDA).
DRW has deep expertise in traditional derivatives trading, which earlier this month expanded to include OTC bilateral trading of crypto derivatives via its subsidiary, Cumberland. This membership will allow the firm to engage constructively in a number of important topics, starting with joining ISDA’s digital asset legal and documentation working group.
Cumberland is a trusted partner to large institutional counterparties seeking reliable and consistent liquidity. These institutions recognize the benefits of the firm’s almost 30-years of traditional derivatives trading and sophisticated risk management and technology capabilities. Of note, Cumberland helped facilitate Goldman Sachs’ first-ever NDF trade using bitcoin futures as a hedge.
“As we continue to be a first-mover in the ecosystem, we’re excited to become a member of ISDA, which is a trusted source of thought leadership and industry documentation,” said Rob Strebel, Global Head of Relationship Management for DRW. “We see significant demand from counterparties across asset classes to access our deep liquidity, and this is an important step forward in efficiently and effectively meeting that demand.”