Underdog's UDX Self-Certifies 7 Sports Event Contract Templates with CFTC

Odaily Odaily Planet Daily News: UDX, the newly acquired exchange by Underdog, self-certified 7 sports event contract templates with the U.S. Commodity Futures Trading Commission (CFTC) on July 15, with plans to launch the first batch of contract trading no later than July 17. The filing sets targets for the launch but does not confirm that public trading has begun.

The relevant certifications cover 3 baseball and 3 basketball templates, involving markets for game winner, winning margin, and total points. The 7th, broader contract allows for the creation of markets around whether a specified athlete, team, or other entity achieves an outcome within a limited period.

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

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