The Clearing House II: Singapore Asset management, lending, tokenisation and traditional finance in one room. Enjoy a look at the atmosphere below. Thank you to everyone who joined us. Next up: TCH III London

The Clearing House II: Singapore is a wrap. Leaders from asset management, lending, tokenisation and traditional finance came together to discuss how onchain financial markets get built. Thank you to everyone who joined us. More upcoming editions:

A clearinghouse does something counterintuitive. It removes the original counterparty from the center of the trade. If you buy a futures contract from someone you don’t know, you don’t spend the night wondering whether that particular seller will still be able to perform. A central counterparty steps between both sides. To you, it becomes the seller. To the other side, it becomes the buyer. This doesn’t make risk disappear. It changes where the risk lives. Instead of thousands of bilateral promises, the system creates a centralised structure with margin requirements, default resources, and rules for handling failure. That creates an important distinction Risk can be transferred without being eliminated. Modern markets are full of mechanisms like this. They don’t remove uncertainty. They reorganise it so that the system can function at scale. The interesting question isn’t always “Who takes the risk?” Sometimes it’s “What architecture makes that risk manageable when someone fails?” #MarketStructure# #Futures# #Trading# #FinancialInfrastructure#

Coinbase Clearing LLC received CFTC registration as a derivatives clearing organization (DCO) on September 28, 2026. Coinbase now has its own CFTC-registered clearing house, not just an exchange and a futures commission merchant. The Commission order registers Coinbase Clearing LLC as a DCO under Section 5b of the Commodity Exchange Act. CFTC filings list the status as Registered as of today, with this scope: • Fully collateralized futures • Options on futures • Swaps The remarks on the CFTC industry-filings page state it is “permitted to clear fully collateralized futures, options on futures, and swaps.”

The Clearing House began in Cannes. An invite-only series for those building and allocating to onchain financial markets. Small rooms, direct conversation, no fluff. The series now has its own home: for upcoming editions, highlights and invitation requests. The next editions follow in Singapore during Token2049 in October and in London during Digital Asset Summit this November.