Nasdaq will launch Bitcoin futures next year
The fact that the US stock exchange Nasdaq wants to start trading in bitcoin futures, it became known a year ago. And now, from reliable sources, it has become clear that the information is real, and at the beginning of next year the company will launch a new cryptocurrency instrument. This writes Bloomberg.
The stock exchange does not intend to abandon its idea, even despite the fall in cryptocurrency rates. She discusses her plans to launch cryptocurrency derivatives in cooperation with the CFTC - Commodity Futures Trading Commission.
Nasdaq futures will be based on prices compiled by VanEck Associates Corp. from several OTC platforms (Genesis Trading, Cumberland and Circle Trade). According to Gabor Gurbah, Director of Cryptocurrency Strategy, this approach of the company “will give confidence to regulators and organizations seeking to enter the cryptocurrency market.”
For comparison: CME currently uses prices from four sources, and CBOE focuses on the price of one source.
Nasdaq also plans to use its own SMARTS control system. It is a software that supports multiple algorithms at once with automatic recognition of suspicious market activity.
Bloomberg reminds that last year high hopes were pinned on Bitcoin futures, but they did not justify themselves. The trading volumes of this instrument are not as large as expected, and, moreover, they have not made major changes to the market.
It is also worth noting that after the CME and CBOE, the regulator has made the procedure for considering applications for the launch of cryptocurrency derivatives more stringent. So the Nasdaq will have to compete for the right to trade Bitcoin futures.