Plus500 has partnered with CME Group and FanDuel to provide clearing services for the a new event-based contracts platform, in a ‘historic milestone’ for the broker.
As part of the deal, Plus500 will provide brokerage-execution and clearing services for FanDuel Prediction Markets, a joint venture between exchange-operator CME Group and FanDuel, a subsidiary of Flutter Entertainment.
The agreement will draw on Plus500‘s infrastructure to provide scalable access to the new Futures Commission Merchant’s (FCM) clients.
Announcing the deal, the broker said it aims to provide similar clearing services for future products and event-driven trading markets around the world.
Plus500 CEO David Zruia said: “Being chosen to clear for this groundbreaking initiative is a historic milestone for Plus500.
“It reflects our capabilities as an accredited, trusted market infrastructure provider, built on proprietary technology, regulatory expertise, and a focus on institutional collaboration.It also demonstrates the superiority of our operational processes and status as a global multi-asset fintech group on the international stage.
“We are proud to work with the CME and FanDuel to broaden global market access for millions of new customers.”
The news comes as a host of brokers and other platforms have raced to build out their events contract offerings.
Earlier in November, trading technology provider Devexperts announced the launch of a new event contracts product allowing providers to add the increasingly popular products to their platforms.
Also this month, eToro CEO Yoni Assia noted the broker was interested in adding such products to its line-up, alongside the announcement of the firm’s third quarter financial results.
