UDX under Underdog self-certifies seven sports event contract templates with the CFTC

Odaily reported that Underdog's newly acquired exchange UDX self-certified 7 sports event contract templates with the US Commodity Futures Trading Commission (CFTC) on July 15, planning to launch the first batch of contract trading no later than July 17. The documents set launch targets but did not confirm that public trading has started.

The certifications cover 3 baseball and 3 basketball templates, involving winner, winning margin, and total points markets. The seventh, broader contract allows markets to be created around whether specified athletes, teams, or other entities achieve results within a set period.

These contracts have a notional value of $1, with trading price ranges from $0.001 to $0.999. UDX stated that trading will usually remain open outside of announced maintenance windows and liquidity will be provided by at least one market maker.

Underdog acquired Aristotle Exchange DCM and its associated derivatives clearing organization in March. Prior to the acquisition, Underdog mainly acted as an intermediary, providing users access to contracts listed on other federally registered trading venues.