News
New York Stock Exchange announces collaboration with CoinDesk Indexes to launch financial products that track Bitcoin spot prices
Development of options contracts linked to the CoinDesk Bitcoin Price Index (XBX)
Contracts would be subject to regulatory approvals
NEW YORK, May 29, 2024–(BUSINESS WIRE)–The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global technology and data provider, today announced it is collaborating with CoinDesk Indices to launch cash-settled index options that track the CoinDesk Bitcoin Price Index (XBX), the oldest operating bitcoin spot index.
ICE and 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 contract, 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 US dollars, in real time across multiple cryptocurrency exchanges. XBX is calculated and published once per second, 24 hours a day, 365 days a year.
“As traditional institutions and everyday investors demonstrate their widespread enthusiasm for the recent approval of spot bitcoin ETFs, the New York Stock Exchange is pleased to announce its collaboration with CoinDesk Indices,” said Jon Herrick, Chief Product Officer of the 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 been providing a trusted bitcoin price to millions of investors, market participants and bitcoin enthusiasts since 2014,” said Andy Baehr, head of product at CoinDesk Indices. “The collaboration with NYSE to launch XBX index options opens a new chapter in digital assets, putting important and familiar risk management tools in the hands of North American and global investors.”
The collaboration continues the relationship between two trusted organizations with unrivaled experience in providing access and choice to investors. CoinDesk Indices, a subsidiary of Bullish, produces indices supporting some of the world’s largest digital asset products. Its leading indices, such as the 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 considered the largest stock exchange in the world, with a market capitalization of around $39 billion.
NYSE President Lynn Martin and Tom Farley, CEO of CoinDesk Indices parent Bullish, will speak together later today at the Consensus 2024 conference in Austin, Texas, on a panel on the convergence of crypto and traditional finance.
The story continues
About 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 across 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 — It is clearing houses helping people invest, raise capital and manage risk. We offer some of the world’s largest markets for trading and offsetting energy and environmental products. Our fixed income, data services and execution capabilities provide insights, analytics and platforms that help our clients streamline processes and capitalize on opportunities. At the ICE Mortgage Technology, we are transforming housing finance in the US, from initial consumer engagement to loan origination, closing, registration and long-term service relationships. Together, ICE transforms, simplifies 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. Additional trademark and intellectual property rights information of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key information documents for certain products covered by the EU Bundled Retail and Insurance Investment Products Regulation can be accessed on the relevant exchange’s website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements contained in this press release about 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 that 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 the Report ICE 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 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, 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 benchmark assets, CoinDesk Indices is a trusted partner. Discover more at coindeskmarkets. with.
CoinDesk Indexes Disclaimer: CoinDesk is a portfolio company of the Bullish group. (“CDI”) does not sponsor, endorse, sell, promote or manage any investment offered by third parties that seek to provide an investment return based on the performance of any index. CDI is not an investment advisor or 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 based on any of the statements set forth herein or elsewhere in the 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, adequacy, 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 Content. CDI assumes no obligation to update Content after publication in any form or format. © 2024 CoinDesk Indices, Inc. All rights reserved.
Category: NYSE
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Contacts
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 Martins
coindesk@allisonworldwide.com