D2X operates a multilateral trading facility for institutional crypto derivatives from the Netherlands. Its public proposition combines seven-day trading with cash-settled financial contracts and collateral held away from the exchange. The AFM register supplies a more precise eligibility boundary than the general phrase professional trader: the licence is restricted to specified professional clients and eligible counterparties.[1][4]
Derivatives, products and trading access
Sections ↑Documented product progression
| Item | Published treatment | Practical scope |
|---|---|---|
| December 2024 launch | BTC/EUR and ETH/EUR calendar futures | Cash-settled initial contracts |
| July 2025 expansion | BTC/USD and ETH/USD futures | USD futures announced as available |
| Current positioning | Futures and options | Current homepage describes both product families |
| June 2026 documentation index | Perpetuals and 24/7 release/timeline notices | An indexed notice is not a checked live contract specification |
Cash-settled contract scope
| Item | Published treatment | Practical scope |
|---|---|---|
| Underlying reference | Cryptoasset price | The contract is a financial derivative |
| Settlement | Cash settlement described | Not delivery of a personal BTC/ETH wallet balance |
| Contract identity | Currency, expiry and specification matter | Do not compare only the underlying ticker |
Connectivity families
| Item | Published treatment | Practical scope |
|---|---|---|
| SBE | Native exchange interfaces | Simple Binary Encoding |
| WebSocket | Order entry, back office and market data | Session-based integration |
| FIX | Order entry and drop copy | Institutional protocol integration |
| REST | Order and operational interfaces | Use the current technical specification |
Member tariffs and separately documented data fees
Sections ↑Published documentation categories
| Item | Published treatment | Practical scope |
|---|---|---|
| Pricing schedule | Listed in documentation index | No current numeric tariff reproduced from an unread PDF |
| Market-making schemes | Separate incentive documents | Not an unconditional fee for every member |
| Market-data schedule | Separate access/distribution documentation | Data fees are not trade commissions |
| Fee-waiver notices | Dated and conditional | Old waivers do not establish free trading today |
A complete current numerical execution, connectivity and market-data tariff could not be extracted from the public documentation page in this review. The profile therefore does not invent a retail maker/taker percentage or carry an expired waiver forward. Members need the current pricing and incentive documents attached to their relationship.[3]
Collateral and settlement are institutional workflows
Sections ↑Collateral configuration
| Item | Published treatment | Practical scope |
|---|---|---|
| Off-exchange model | Advertised custody/bank partnerships | Designed to reduce direct exchange asset exposure |
| Fiat collateral | Major fiat collateral advertised | Actual accepted currency and haircut are contractual |
| Interest | Advertised on major fiat collateral | No universal yield or guaranteed rate asserted |
Trading time versus cash movement
| Item | Published treatment | Practical scope |
|---|---|---|
| Venue proposition | Seven days a week | Weekend trading is part of the design |
| Contract schedule | Product-specific notices exist | Do not infer no maintenance or auction periods |
| Bank/collateral operations | Separate operational process | Exchange trading hours are not bank cut-off times |
What off-exchange collateral does and does not mean
Sections ↑D2X’s model separates the trading venue from the institutions holding collateral. That changes the counterparty structure but does not eliminate derivative, margin, banking or operational risk. The reviewed public pages do not establish a universal customer insurance amount, collateral haircut or liquidation threshold. Those cannot be inferred from the MTF licence.[1][4]
The AFM register’s client restriction
Sections ↑Eligible-client boundary
| Item | Published treatment | Practical scope |
|---|---|---|
| Per-se professionals | MiFID Annex II Section I category | Not every self-described experienced trader |
| Eligible counterparties | Within the register restriction | Formal classification required |
| Retail clients | Outside the stated permission restriction | No ordinary retail onboarding claim |
Institutional contact and documentation
Sections ↑Operational documentation areas
| Item | Published treatment | Practical scope |
|---|---|---|
| Rulebook / trading rules | Venue conduct and execution rules | Use the applicable current version |
| Cancellation procedure | Trade-cancellation framework | Not a promise of reversing a completed trade |
| Complaints procedure | Formal escalation route | Separate from order-entry support |
| Member list / technical documentation | Membership and connectivity | Public integration docs do not confer membership |
Direct AFM register findings
Sections ↑AFM permissions and dates
| Item | Published treatment | Practical scope |
|---|---|---|
| MTF operation | Entered 27 February 2024 | D2X Group N.V. |
| Execution of client orders | Entered 27 February 2024 | Subject to registered scope |
| Safekeeping/administration ancillary service | Entered 27 February 2024 | Not a blanket retail crypto-custody offer |
| Foreign-exchange ancillary service | Entered 19 May 2025 | Connected to investment services |
| Instrument restriction | Register entry dated 7 November 2025 | Read with the professional/ECP limitation |
Amsterdam operator and launch history
Sections ↑D2X Group N.V. is the named Dutch operator. The company’s launch release dates the start of its exchange to December 2024 and identifies an institutional post-trade design; subsequent USD product announcements show why dated product references should be kept separate from current contract specifications.[6][7][4]
- Operator
- D2X Group N.V.
- Exchange model
- Centralised
- Service scope
- D2X is a Dutch institutional derivatives venue. Its AFM permissions, professional-client restriction, cash-settled contracts and off-exchange collateral model distinguish it from a retail spot exchange.
- Client types
- Professional clients; Institutional clients
- Pricing publication
- Not disclosed
- Other names
- D2X Derivatives Exchange
- Headquarters
- Amsterdam, Netherlands
- Covered jurisdictions
- Netherlands; European Economic Area
- Pricing scope
- Documentation index lists pricing, incentive and market-data schedules, but current numerical tariffs were not retrievable; no universal fee percentage asserted.
- Funding scope
- Approved member collateral and clearing/settlement procedures. Fiat collateral eligibility and settlement instructions require current member documents.
- Custody and asset handling
- Company describes cash-settled derivatives and off-exchange collateral with custodians/banks. Exact collateral eligibility, haircut, margin and protection terms require current member agreements.
- Client eligibility
- AFM register restricts the licence to per-se professional clients under MiFID Annex II Section I and eligible counterparties, with instrument restrictions; ordinary retail access is not established.
- Support
- D2X institutional contact and current member, trading-rule and API documentation.
- Authorisation and registration scope
- AFM register independently inspected: D2X Group N.V. MTF, execution and ancillary permissions, subject to professional/ECP and instrument restrictions.
Exchange metadata checked 26 Oct 2026Source 1Source 2Source 3Source 4Source 5Source 6Source 7
Covered contracting entities
Sources & further reading
- D2X institutional futures/options venue and collateral D2X · Accessed 26 Oct 2026
- D2X institutional exchange background D2X · Accessed 26 Oct 2026
- D2X rulebook, product, fee and market data documentation index D2X · Accessed 26 Oct 2026
- Dutch AFM investment firm register entry AFM Netherlands · Accessed 26 Oct 2026
- D2X API documentation overview D2X · Accessed 26 Oct 2026
This profile reports dated public information, including exchange-published services and terms. It does not independently test or guarantee trading, custody, pricing or withdrawals. Inclusion is not an endorsement. Permissions and protections apply only to the named legal entity, service and client category; check the current official records and your contract.