The New York Stock Exchange (NYSE), a stalwart in global financial markets and part of Intercontinental Exchange, Inc. (NYSE: ICE), has revealed an exciting collaboration with CoinDesk Indices. They are set to launch cash-settled index options that will track the CoinDesk Bitcoin Price Index (XBX), the longest-operating spot bitcoin index in the market.
This initiative is poised to work closely with regulatory bodies to ensure compliant and robust product offerings. ICE Futures Singapore’s recent update to its bitcoin futures contracts, utilizing XBX for its monthly contract settlement, underscores the reliability and precision of the XBX index, which serves as a benchmark for $20 billion in ETF assets under management.
Jon Herrick, Chief Product Officer of NYSE, emphasized the broad enthusiasm among traditional institutions and individual investors for spot bitcoin ETFs. He highlighted that, upon regulatory approval, these options contracts would provide vital risk-management tools to investors.
Andy Baehr, Head of Product at CoinDesk Indices, noted the index’s longstanding reputation for delivering a trusted bitcoin price since 2014. He expressed excitement about the collaboration, marking a significant advancement in providing sophisticated tools for digital asset investment.
This partnership brings together two industry giants, leveraging NYSE’s 232-year legacy in trading technology and CoinDesk Indices’ expertise in digital asset metrics. It promises to set new standards in the integration of digital and traditional financial markets.
Lynn Martin, NYSE President, and Tom Farley, CEO of Bullish (CoinDesk Indices’ parent company), will discuss this convergence at the Consensus 2024 conference in Austin, Texas, showcasing the evolving synergy between cryptocurrency and traditional finance.
For more details on this pioneering collaboration, visit the New York Stock Exchange and CoinDesk Indices websites.
