Svmuu News: UDX, the exchange recently acquired by Underdog, self-certified seven sports event contract templates with the U.S. Commodity Futures Trading Commission (CFTC) on July 15 and plans to launch trading for the first batch of contracts no later than July 17. The filing sets a launch target but does not confirm that public trading has begun.
The certification covers three baseball and three basketball contract templates, involving markets for match winners, point spreads, and totals. The seventh, broader contract allows for the creation of markets around whether a specified athlete, team, or other entity will achieve a certain outcome within a defined period.
These contracts have a notional value of $1 and trade within a price range of $0.001 to $0.999. UDX stated that trading will typically remain open outside of maintenance windows and will be supported by liquidity from at least one market maker.
In March, Underdog acquired Aristotle Exchange DCM and its affiliated derivatives clearing organization. Prior to the acquisition, Underdog primarily operated as an intermediary, providing users with access to contracts listed on other federally registered trading venues.