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New York Stock Exchange Announces Collaboration with CoinDesk Indices to Launch Bitcoin Spot Price Tracking Financial Products
Develop options contracts linked to the CoinDesk Bitcoin Price Index (XBX)
Contracts would be subject to regulatory approvals
NEW YORK, May 29, 2024–(BUSINESS FEED)–The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global technology and data provider, today announced its collaboration with CoinDesk Indices to launch cash-settled index options that track Bitcoin CoinDesk. Price Index (XBX), the oldest spot Bitcoin index.
ICE and the NYSE intend to work with CoinDesk Indices and relevant regulatory agencies to develop specific product offerings. Last year, ICE Futures Singapore collaborated with CoinDesk Indices to upgrade its Bitcoin futures contracts, CoinDesk Bitcoin Futures (BMC), to use XBX for monthly settlement of its contracts.
Currently the benchmark for $20 billion in ETF assets under management, XBX tracks the spot price of bitcoin, denominated in US dollars, in real time across multiple crypto exchanges. XBX is calculated and published once per second, 24 hours a day, 365 days a year.
“As traditional institutions and everyday investors demonstrate great 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. “Once approved by regulatory authorities, these options contracts will provide investors with access to an important, liquid and transparent risk management tool.”
“XBX has provided reliable Bitcoin pricing to millions of investors, market participants and Bitcoin enthusiasts since 2014,” said Andy Baehr, Head of Product at 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.”
This collaboration continues the relationship between two trusted organizations with unrivaled expertise in providing access and choice to investors. 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 CoinDesk 20 Index, set the industry standard for measuring, trading and investing in digital assets. The NYSE, with 232 years of advancements in trading technology, ranks as the world’s largest stock exchange, with a market capitalization of approximately $39 trillion.
NYSE Chairman Lynn Martin and Tom Farley, CEO of Bullish, the parent company of CoinDesk Indices, will speak together later today at the Consensus 2024 conference in Austin, Texas, as part of a panel on the convergence of cryptography and traditional finance.
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About intercontinental trade
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 for major asset classes, helping our clients access mission-critical workflow tools that increase transparency and efficiency. ICE Futures, Stocks and Options Exchanges — including the New York Stock Exchange — And clearing houses helping people invest, raise capital and manage risk. We offer some of the largest marketplaces in the world to trade and exchange energy and environmental products. Our fixed income securities, data services and execution capabilities provide insights, analytics and platforms that help our customers streamline processes and capitalize on opportunities. HAS ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan origination, closing, registration and long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunities.
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 can be found here. Key information documents for certain products covered by the EU Regulation on packaged retail and insurance-based investment products can be found on the website of the relevant exchange under the heading “Key information documents”. key information (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 limited to the risk factors in ICE’s annual report. Report on Form 10-K for the fiscal 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 around the world. A subsidiary of Bullish, our indices form the basis of the world’s largest digital asset products. Known for their accuracy and compliance, flagship products such as the CoinDesk Bitcoin Price Index (XBX) and CoinDesk 20 Index set the industry standard for measuring, trading and investing in digital assets. With tens of billions of dollars in assets listed, CoinDesk Indices is a trusted partner. Find out more about 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 a third party that seeks to provide an investment return based on the performance of an index. CDI is neither an investment advisor nor a commodity trading advisor and makes no representation regarding the advisability of making any 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 made herein or elsewhere by CDI. All content contained or used in a CDI index (the “Content”) is the property of CDI and/or its third party data providers and licensors, unless CDI indicates otherwise. CDI does not guarantee the accuracy, completeness, timeliness, suitability, validity or availability of any 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 assumes no obligation to update the Content after it has been published in any form or format. © 2024 CoinDesk Indices, Inc. All rights reserved.
Category: NYSE
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Contacts
New York stock market
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