Bitcoin Futures Contracts at ICE Futures Singapore to Become the CoinDesk Bitcoin Futures Contracts

Rhea-AI Summary

CoinDesk Indices and ICE Futures Singapore partner to update bitcoin futures contracts

Positive

• The partnership between CoinDesk Indices and ICE Futures Singapore to update bitcoin futures contracts is a positive development for the market.
• The futures contracts will now be known as the CoinDesk Bitcoin Futures contracts (BMC), providing an institutional-grade solution to enhance marketplace accessibility.
• The contracts will settle against the CoinDesk Bitcoin Price Index (XBX), which is a trusted benchmark for bitcoin and has approximately $17 billion of AUM in investment vehicles.
• The futures contracts will be traded and cleared in a regulated environment in Singapore.

Negative

• None.

Contract settlements will use the CoinDesk Bitcoin Price Index (XBX)

NEW YORK and SINGAPORE, Sept. 12, 2023 /PRNewswire/ -- CoinDesk Indices (CDI), a subsidiary of CoinDesk and the leading provider of digital asset indices by AUM since 2014, and Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Futures Singapore has teamed with CDI to update its bitcoin futures contracts, which will now be known as the CoinDesk Bitcoin Futures contracts (BMC).

These futures contracts provide an institutional-grade solution to enhance marketplace accessibility, including for those precluded from directly holding bitcoin.

Andy Baehr, CFA, Managing Director at CoinDesk Indices, expressed the significance of this partnership, saying, "We are excited to expand our presence into the APAC region through this collaboration with ICE Futures Singapore. This move underscores CDI's commitment to serving global markets and offering world-class solutions to marketplace participants."

The CoinDesk Bitcoin Futures contracts (BMC) will utilize the CoinDesk Bitcoin Price Index (XBX) for its monthly contract settlement. XBX provides a USD-denominated reference rate for the spot price of bitcoin and is calculated every second. Known for being the longest-running, and most trusted benchmark for bitcoin, XBX has been in continuous operation since 2014, and serves as the benchmark for approximately $17 billion of AUM in investment vehicles.

CoinDesk Bitcoin Futures contracts (BMC) will settle against XBX beginning with the October contracts.

"Traded and cleared in Singapore in a regulated environment, we are pleased to offer our customers access to the first futures contract based on CoinDesk's Bitcoin Price Index," said Maria Levanti, President and COO of ICE Futures Singapore.

For more information on the CoinDesk Bitcoin Futures contracts, please visit www.ice.com/futures-singapore. ICE Futures Singapore does not market the CoinDesk Bitcoin Futures to retail persons resident in Singapore.

About CoinDesk Indices

CoinDesk Indices (CDI), a subsidiary of CoinDesk, has been the leading provider of digital asset indices by AUM since 2014. CDI is driven by research and a desire to educate the marketplace and empower investors. CoinDesk is the most trusted media, events, indices and data company for the global crypto economy. 

CDI has three distinct product lines: single-asset reference rates and indices, broad market and sector indices, and dynamic strategy indices. The CoinDesk Bitcoin Price Index (XBX) has the longest index track record and underlies the world's largest digital asset products. The broad market and sector indices offer the most comprehensive suite of broad market benchmarks, and the investible sectors are constructed using CDI's industry-adopted taxonomy. The dynamic strategy indices help investors target specific outcomes.

Press Contacts

Casey Craig, Global Head of Communications at CoinDesk

casey@coindesk.com

JConnelly

CDI@jconnelly.com

Disclaimer

CoinDesk Indices, Inc. ("CDI") does not sponsor, endorse, sell, promote or manage any investment offered by any third party that seeks to provide an investment return based on the performance of any index, indicator or signal. CDI is neither an investment adviser nor a commodity trading adviser and makes no representation regarding the advisability of making an investment linked to any CDI index, indicator or signal. CDI does not act as a fiduciary. A decision to invest in any asset linked to a CDI index, indicator or signal should not be made in reliance on any of the statements set forth in this document or elsewhere by CDI. All content contained or used in any CDI index, indicator or signal (the "Content") is owned by CDI and/or its third-party data providers and licensors, unless stated otherwise by CDI. CDI does not guarantee the accuracy, completeness, timeliness, adequacy, validity or availability of any of the 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 does not assume any obligation to update the Content following publication in any form or format. © 2023 CoinDesk Indices, Inc. All rights reserved.

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 is located here.

ICE Futures Singapore does not market the CoinDesk Bitcoin Futures to retail persons resident in Singapore. Futures contracts based on bitcoin may pose specific risks. Such risks may arise from greater volatility in prices resulting from a range of factors. Those risks could in turn affect financial outcomes associated with maintaining required margins or any losses at final contract settlement.

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SOURCE CoinDesk Indices