Bitnomial Exchange is implementing the Validus solution from trade surveillance and financial risk solutions provider, Eventus. The digital asset derivatives exchange has been collaborating with Eventus since 2021 to integrate order and execution flow for two major futures commission merchant (FCM) clients on the exchange. The decision to fully deploy Validus followed a comprehensive review of Bitnomial’s internal surveillance tools alongside external solutions.
The move reflects the exchange’s commitment to robust oversight and maintaining and strengthening compliance and market integrity during a period of significant growth by expansion into new products and increasing trading volumes.
“Integrating Eventus’s advanced surveillance technology with our proprietary systems reinforces our dedication to compliance and transparency,” said Michael Dunn, President of Bitnomial Exchange. “As we continue to grow, it’s crucial that we provide a secure and efficient trading environment for our clients.”
Eventus CEO Travis Schwab noted the synergy between the two firms. “Bitnomial’s rapid expansion highlights the need for scalable surveillance solutions,” he said. “Our expertise in digital assets and regulatory compliance positions us well to support their evolving needs and uphold the integrity of their markets.”
In the first half of 2024, Bitnomial reported over $130 million in notional value traded, marking a 1,081% increase from the same period in 2023. Founded in 2014, the Chicago-based exchange offers physically settled Bitcoin futures and options, providing a regulated platform for institutional and professional traders in cryptocurrency derivatives. Recent developments include the introduction of Hashrate futures in partnership with Luxor, targeting Bitcoin miners, and the Commodity Futures Trading Commission’s approval of Bitnomial’s clearinghouse late last year. By enhancing its surveillance infrastructure with Validus, Bitnomial aims to support its expansion while maintaining high standards of market oversight and client trust.
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