Developing options contracts tied to the
CoinDesk Bitcoin Price Index (XBX)
Contracts would be subject to regulatory
approvals
The New York Stock Exchange, part of Intercontinental Exchange,
Inc. (NYSE: ICE), a leading global provider of technology and data,
today announced it is collaborating with CoinDesk Indices to launch
cash-settled index options tracking the CoinDesk Bitcoin Price
Index (XBX), the longest-operating spot bitcoin index.
ICE and the NYSE intend to work with CoinDesk Indices and the
relevant regulatory agencies to develop specific product offerings.
Last year, ICE Futures Singapore collaborated with CoinDesk Indices
to update its bitcoin futures contracts, CoinDesk Bitcoin Futures
(BMC), to utilize XBX for its monthly contract settlement.
Currently the benchmark for $20 billion in ETF assets under
management, XBX tracks the spot price of bitcoin, denominated in
U.S. dollars, in real time across multiple crypto exchanges. XBX is
calculated and published once per second, 24 hours per day, 365
days each year.
“As traditional institutions and everyday investors are
demonstrating their wide-ranging enthusiasm for the recent approval
of spot bitcoin ETFs, the New York Stock Exchange is excited to
announce its collaboration with CoinDesk Indices,” said Jon
Herrick, Chief Product Officer, New York Stock Exchange. “Upon
regulatory approval, these options contracts will offer investors
access to an important liquid and transparent risk-management
tool.”
“XBX has delivered a trusted price of bitcoin to millions of
investors, market participants, and bitcoin enthusiasts since
2014,” said Andy Baehr, Head of Product, CoinDesk Indices.
“Collaborating with the NYSE to launch XBX index options opens a
new chapter in digital assets, placing important and familiar
risk-management tools in the hands of U.S. and global
investors.”
The collaboration continues the relationship between two trusted
organizations with unparalleled expertise in offering investor
access and choice. CoinDesk Indices, a subsidiary of Bullish,
produces indices that support some of the world's largest digital
asset products. Its flagship indices, such as XBX and the CoinDesk
20 Index, set the industry standard for measuring, trading and
investing in digital assets. The NYSE, with 232 years of advances
in trading technology, ranks as the world’s largest stock exchange,
with a market capitalization of about $39 trillion.
NYSE President Lynn Martin and Tom Farley, CEO of Bullish, the
parent of CoinDesk Indices, will be speaking together later today
at the Consensus 2024 conference in Austin, Texas on a panel about
the convergence of crypto and traditional finance.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune
500 company that designs, builds, and operates digital networks
that connect people to opportunity. We provide financial technology
and data services across major asset classes helping our customers
access mission-critical workflow tools that increase transparency
and efficiency. ICE’s futures, equity, and options exchanges
-- including the New York Stock Exchange -- and clearing
houses help people invest, raise capital and manage risk. We
offer some of the world’s largest markets to trade and clear energy
and environmental products. Our fixed income, data services
and execution capabilities provide information, analytics and
platforms that help our customers streamline processes and
capitalize on opportunities. At ICE Mortgage Technology, we
are transforming U.S. housing finance, from initial consumer
engagement through loan production, closing, registration and the
long-term servicing relationship. Together, ICE transforms,
streamlines, and automates industries to connect our customers to
opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual
property rights of Intercontinental Exchange, Inc. and/or its
affiliates is located here. Key Information Documents for
certain products covered by the EU Packaged Retail and
Insurance-based Investment Products Regulation can be accessed on
the relevant exchange website under the heading “Key Information
Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 -- Statements in this press release regarding
ICE's business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion
of additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see ICE's Securities and Exchange Commission (SEC)
filings, including, but not limited to, the risk factors in ICE's
Annual Report on Form 10-K for the year ended December 31, 2023, as
filed with the SEC on February 8, 2024.
About CoinDesk Indices
Since 2014, CoinDesk Indices has been at the forefront of the
digital asset revolution, empowering investors globally. A
subsidiary of Bullish, our indices form the foundation of the
world's largest digital asset products. Known for their precision
and compliance, flagships such as the CoinDesk Bitcoin Price Index
(XBX) and the CoinDesk 20 Index set the industry standard for
measuring, trading, and investing in digital assets. With tens of
billions of dollars in benchmarked assets, CoinDesk Indices is a
trusted partner. Discover more at coindeskmarkets.com.
CoinDesk Indices disclaimer: CoinDesk is a portfolio
company of the Bullish group. CoinDesk Indices, Inc. ("CDI") does
not sponsor, endorse, sell, promote or manage any investment
offered by any third party that seeks to provide an investment
return based on the performance of any index. CDI is neither an
investment adviser nor a commodity trading advisor and makes no
representation regarding the advisability of making an investment
linked to any CDI index. CDI does not act as a fiduciary. A
decision to invest in any asset linked to a CDI index should not be
made in reliance on any of the statements set forth in this
document or elsewhere by CDI. All content contained or used in any
CDI index (the "Content") is owned by CDI and/or its third-party
data providers and licensors, unless stated otherwise by CDI. CDI
does not guarantee the accuracy, completeness, timeliness,
adequacy, validity or availability of any of the Content. CDI is
not responsible for any errors or omissions, regardless of the
cause, in the results obtained from the use of any of the Content.
CDI does not assume any obligation to update the Content following
publication in any form or format. © 2024 CoinDesk Indices, Inc.
All rights reserved.
Category: NYSE
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version on businesswire.com: https://www.businesswire.com/news/home/20240529952446/en/
NYSE
NYSE Media Contact: Lauren Sullivan
lauren.sullivan@nyse.com (212) 656-2321
ICE Investor Contact: Katia Gonzalez
katia.gonzalez@ice.com (678) 981-3882
CoinDesk Indices
Casey Craig casey@coindesk.com
Emma Martin coindesk@allisonworldwide.com
Intercontinental Exchange (NYSE:ICE)
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