EDX Markets, backed by Citadel Securities, Fidelity, and Charles Schwab, applied for a federal trust bank charter after processing $36 billion in cumulative notional trading volume during 2024, according to Ledger Insights citing company figures. The filing would keep order matching at EDX Markets while placing custody, settlement support, and fiduciary asset handling inside a federally supervised trust bank. EDX said spot trades would settle once per day on a net basis, with some clients allowed to post collateral instead of fully prefunding activity.