News
The New York Stock Exchange announces collaboration with CoinDesk Indices to launch financial products that track Bitcoin spot prices
Development of options contracts linked to the CoinDesk Bitcoin Price Index (XBX)
The contracts would be subject to regulatory approvals
NEW YORK, May 29, 2024–(COMMERCIAL WIRE)–The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced that it is partnering with CoinDesk Indices to launch cash-settled index options that they replicate the Bitcoin CoinDesk Price Index (XBX), the longest running spot bitcoin index.
ICE and NYSE intend to work with CoinDesk Indices and relevant regulatory agencies to develop specific product offerings. Last year, ICE Futures Singapore partnered with CoinDesk Indices to upgrade its bitcoin futures contracts, CoinDesk Bitcoin Futures (BMC), to use XBX for monthly contract settlement.
Currently, XBX, the benchmark for $20 billion in ETF assets under management, tracks the spot price of bitcoin, denominated in U.S. dollars, in real time across multiple cryptocurrency exchanges. XBX is calculated and published once per second, 24 hours a day, 365 days a year.
“While traditional institutions and everyday investors are demonstrating their broad enthusiasm for the recent approval of bitcoin spot ETFs, the New York Stock Exchange is thrilled to announce its partnership with CoinDesk Indices,” said Jon Herrick, Chief Product Officer , New York Stock Exchange. “Following regulatory approval, these options contracts will offer investors 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, CoinDesk Indices. “Partnering with the NYSE to launch XBX Index Options opens a new chapter in digital assets, putting 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 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, is the world’s largest stock exchange, with a market capitalization of approximately $39 trillion.
NYSE President 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, on a panel on the convergence of cryptocurrencies and traditional finance.
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Information on intercontinental exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunities. 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 world’s largest markets for the trading and disposal of energy and environmental products. Our fixed income, data services and execution capabilities provide insights, analytics and platforms that help our customers streamline processes and capitalize on opportunities. TO ICE Mortgage Technology, we are transforming U.S. real estate financing, from initial consumer engagement to loan production, closing, registration and long-term servicing relationship. Together, ICE transforms, optimizes 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. You will find information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates Here. Key information documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the website of the relevant exchange 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 factors Risk Risk Report in ICE’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 8, 2024.
Information on 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 accuracy and compliance, flagships like 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 reference assets, 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 investments offered by third parties that seek to provide an investment return based on the performance of any index. CDI is neither an investment advisor 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. The decision to invest in any asset linked to a CDI Index should not be made in reliance on any statements made in this document or elsewhere by CDI. All content contained or used in any CDI index (the “Content”) is the property of CDI and/or its third-party data providers and licensors, unless otherwise indicated by CDI. 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 cause, in the results obtained from the use of any Content. CDI assumes no 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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Contacts
NYSE
NYSE Press Contact:
Lauren Sullivan
lauren.sullivan@nyse.com
(212) 656-2321
Contact for ICE investors:
Katia Gonzalez
katia.gonzalez@ice.com
(678) 981-3882
CoinDesk Indices
Casey Craig
casey@coindesk.com
Emma Martino
coindesk@allisonworldwide.com