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Clifford Chance has indeed advised LCH SA on the launch of its new clearing service, DigitalAssetClear, which is specifically dedicated to Bitcoin index derivatives. This service went live on May 9, 2025.
Here’s a breakdown of what this means:
* LCH SA: LCH SA is a clearing house based in France and is part of the LCH Group, which itself is ultimately owned by the London Stock Exchange Group (LSEG). Clearing houses act as a central counterparty (CCP) in financial transactions, standing between buyers and sellers to mitigate counterparty risk.
* DigitalAssetClear: This is LCH SA’s new, fully regulated, segregated clearing service for cash-settled Bitcoin index futures and options contracts. It’s designed to provide a secure and highly regulated environment for institutional investors to engage with crypto derivatives.
* Bitcoin Index Derivatives: These are financial instruments whose value is derived from a Bitcoin index, such as the GFO-X/Coin Metrics Single Asset Real-Time Bitcoin Index (GFOXBR). These derivatives allow market participants to gain exposure to Bitcoin’s price movements without directly holding the cryptocurrency.
* GFO-X: The derivatives cleared through DigitalAssetClear are traded on GFO-X, which is the UK’s first FCA-regulated, centrally-cleared multilateral trading facility (MTF) dedicated to digital asset futures and options.
* Clifford Chance’s Role: The global law firm Clifford Chance provided legal advice to LCH SA on various aspects of the DigitalAssetClear launch. This included drafting clearing rules, navigating regulatory approvals, and issuing legal opinions covering France, the Netherlands, and the UK. Their involvement highlights the complex legal and regulatory landscape surrounding new digital asset offerings in traditional financial markets.
This launch signifies a move by traditional financial infrastructure providers like LCH SA to cater to the growing institutional interest in digital assets, by offering regulated and secure avenues for trading and clearing crypto derivatives.

Video courtesy of Eurex

Video courtesy of Eurex