UDX Self-Certifies Seven Sports Event Contract Templates With CFTC

Underdog’s newly acquired exchange, UDX, self-certified seven sports event contract templates with the U.S. Commodity Futures Trading Commission on July 15 and plans to launch its first contract trading by July 17 at the latest. The filing sets a launch target but does not confirm that public trading has already begun. According to Odaily, the certifications cover three baseball templates and three basketball templates for markets on game winners, point spreads, and totals. The seventh, broader contract allows markets to be created around whether a specified athlete, team, or other entity achieves a result within a defined period. The contracts have a notional value of $1 and will trade in a price range of $0.001 to $0.999. UDX said trading will generally remain open outside announced maintenance windows and will have liquidity provided by at least one market maker. Underdog acquired Aristotle Exchange DCM and its affiliated derivatives clearing organization in March. Before the acquisition, Underdog mainly acted as an intermediary, giving users access to contracts listed on other federally registered trading venues.