Summary
EDX Markets filed an OCC application on March 25, 2026 to establish EDX Trust, National Association as a de novo national trust bank in Chicago. EDX Trust would provide custody and asset management services on a fiduciary basis, and facilitate riskless principal trading for institutional clients. Order matching would remain with EDX Markets. The board includes Corey Chambas (CEO of First Business Financial Services, $4B+ assets), Dipak Chotai (former UBS Managing Director), Jason Clague (former Schwab EVP of Operational Services), Tony Acuna-Rohter (EDX CEO), and John Fennell (EDX CRO). EDX Trust would use sub-custodian banks to hold private keys, providing additional segregation of duties. The application seeks full fiduciary powers and waivers for citizenship/residency requirements for certain directors.
Key Points
- OCC application filed March 25, 2026; status: under review
- EDX Trust would be a national trust bank in Chicago
- Services: custody (fiduciary basis), asset management, riskless principal trading
- Order matching stays with EDX Markets (separate entity)
- Board: 5 members (2 management, 3 independent)
- Sub-custodian banks hold private keys (not EDX Trust)
- Backed by Citadel Securities, Fidelity Digital Assets, Charles Schwab, Virtu Financial
- EDX Markets launched 2023, serves institutional clients only
- SOC 2 Type 2 certified; NIST Cybersecurity Framework aligned