Citadel, Schwab, and Fidelity-backed EDX Markets files for OCC national trust bank charter

Citadel, Virtu, and Hudson River Trading collectively control the majority of US equity order flow — and now they're replicating that same market-making infrastructure for digital assets with a federally chartered custody layer underneath. EDX filed March 25, one week before the OCC's non-fiduciary activities rule took effect April 1, so their legal team clearly had the reg text wired before it was even published. Structurally splitting custody from execution via a trust bank is the same broker-dealer/DTCC architecture that equities run on — once that exists for crypto, prime brokerage and cross-margining for institutional desks become engineering problems, not regulatory ones.

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More coverage

• EDX Markets applies for OCC national trust charter to add custody ... (ledgerinsights.com)
• EDX Markets Files OCC Application to Establish Trust Bank (edxmarkets.com)
• NEW: Citadel-backed crypto exchange EDX Markets has applied for ... (x.com)
• EDX Markets applies for OCC trust bank charter for crypto custody (thepaypers.com)
• Digital Assets Licensing Applications - OCC.gov (occ.gov)

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