Nasdaq and CF Benchmarks to Drive Development and Adoption of Digital Asset with New Index Options
Nasdaq (NDAQ) has announced its filing with the SEC to list and trade Nasdaq Bitcoin Index Options (XBTX), in partnership with CF Benchmarks. Upon regulatory approval, these options will track the CME CF Bitcoin Real-Time Index (BRTI), providing investors with a tool to manage positions and hedge investments in cryptocurrency.
Key features of XBTX include:
- European-style exercise and cash settlement
- Final settlement value based on the CME CF Bitcoin Reference Rate - New York Variant (BRRNY)
- Calculations executed every second, aggregating Bitcoin-USD order data from leading crypto exchanges
This initiative aims to combine the innovative crypto landscape with the reliability of traditional securities markets, marking a significant step in the maturation of the digital assets market.
Nasdaq (NDAQ) ha annunciato il suo deposito presso la SEC per quotare e negoziare le Opzioni sull'Indice Bitcoin di Nasdaq (XBTX), in collaborazione con CF Benchmarks. Una volta ottenuta l'approvazione regolamentare, queste opzioni seguiranno l'Indice Bitcoin in Tempo Reale CME CF (BRTI), fornendo agli investitori uno strumento per gestire le posizioni e coprire gli investimenti in criptovalute.
Le principali caratteristiche di XBTX includono:
- Esercizio in stile europeo e regolamento in contante
- Valore di regolamento finale basato sul Tasso di Riferimento CME CF Bitcoin - Variante di New York (BRRNY)
- Calcoli eseguiti ogni secondo, aggregando i dati sugli ordini Bitcoin-USD dalle principali borse di criptovalute
Questa iniziativa mira a combinare il paesaggio innovativo delle criptovalute con l'affidabilità dei mercati dei titoli tradizionali, segnando un passo significativo nella maturazione del mercato degli asset digitali.
Nasdaq (NDAQ) ha anunciado su presentación ante la SEC para listar y comerciar las Opciones del Índice Bitcoin de Nasdaq (XBTX), en colaboración con CF Benchmarks. Una vez obtenida la aprobación regulatoria, estas opciones seguirán el Índice Bitcoin en Tiempo Real CME CF (BRTI), proporcionando a los inversores una herramienta para gestionar posiciones y cubrir inversiones en criptomonedas.
Las características clave de XBTX incluyen:
- Ejecución estilo europeo y liquidación en efectivo
- Valor de liquidación final basado en el Tasa de Referencia CME CF Bitcoin - Variante de Nueva York (BRRNY)
- Cálculos ejecutados cada segundo, agregando datos de órdenes de Bitcoin-USD de las principales bolsas de criptomonedas
Esta iniciativa tiene como objetivo combinar el innovador panorama de las criptomonedas con la fiabilidad de los mercados de valores tradicionales, marcando un paso significativo en la maduración del mercado de activos digitales.
Nasdaq (NDAQ)는 CF Benchmarks와 협력하여 Nasdaq 비트코인 지수 옵션(XBTX)을 상장하고 거래하기 위해 SEC에 신청서를 제출했다고 발표했습니다. 규제 승인이 이루어지면, 이 옵션은 CME CF 비트코인 실시간 지수(BRTI)를 추적하게 되며, 투자자들에게 암호화폐의 포지션 관리 및 헤지 도구를 제공합니다.
XBTX의 주요 기능은 다음과 같습니다:
- 유럽식 행사 및 현금 정산
- 최종 정산 가치는 CME CF 비트코인 기준 금리 - 뉴욕 변형(BRRNY)를 기준으로 합니다.
- 주요 암호화폐 거래소에서 비트코인-USD 주문 데이터를 집계하여 매초 계산을 수행합니다.
이 이니셔티브는 혁신적인 암호화폐 환경과 전통적인 증권 시장의 신뢰성을 결합하여 디지털 자산 시장의 성숙에 중요한 이정표를 세우는 것을 목표로 합니다.
Nasdaq (NDAQ) a annoncé son dépôt auprès de la SEC pour lister et négocier les Options sur l'Indice Bitcoin de Nasdaq (XBTX), en partenariat avec CF Benchmarks. Dès approbation réglementaire, ces options suivront l'Indice Bitcoin en Temps Réel CME CF (BRTI), offrant aux investisseurs un outil pour gérer des positions et couvrir des investissements en cryptomonnaie.
Les principales caractéristiques de XBTX incluent :
- Exercice de style européen et règlement en espèces
- Valeur de règlement finale basée sur le Taux de Référence CME CF Bitcoin - Variante de New York (BRRNY)
- Calculs exécutés chaque seconde, agrégant les données de commandes Bitcoin-USD des principales bourses de cryptomonnaies
Cette initiative vise à combiner l'innovation du paysage cryptographique avec la fiabilité des marchés de titres traditionnels, marquant une étape significative dans la maturité du marché des actifs numériques.
Nasdaq (NDAQ) hat die Einreichung bei der SEC angekündigt, um die Nasdaq Bitcoin Index Optionen (XBTX) in Zusammenarbeit mit CF Benchmarks aufzulisten und zu handeln. Nach Genehmigung durch die Aufsichtsbehörden werden diese Optionen den CME CF Bitcoin Echtzeit Index (BRTI) verfolgen und den Investoren ein Werkzeug zur Verwaltung von Positionen und Absicherung von Investitionen in Kryptowährungen bieten.
Die Hauptmerkmale von XBTX umfassen:
- Europäischer Stil und Barausgleich
- Der endgültige Abrechnungswert basiert auf dem CME CF Bitcoin Referenzpreis - New York Variante (BRRNY)
- Berechnungen, die jede Sekunde durchgeführt werden und Bitcoin-USD-Auftragsdaten von führenden Kryptowährungsbörsen aggregieren
Diese Initiative zielt darauf ab, die innovative Krypto-Landschaft mit der Zuverlässigkeit traditioneller Wertpapiermärkte zu verbinden und stellt einen bedeutenden Schritt in der Reifung des Marktes für digitale Vermögenswerte dar.
- Potential expansion of Nasdaq's product offerings in the cryptocurrency market
- Partnership with CF Benchmarks, a recognized provider of crypto benchmarks
- Potential to attract more institutional investors to the crypto market
- Leveraging Nasdaq's existing technology and market infrastructure for digital assets
- Regulatory approval is still pending, which may delay or prevent the launch
- Potential volatility and risks associated with cryptocurrency markets
Insights
Nasdaq's move to introduce Bitcoin Index Options (XBTX) is a significant development for the cryptocurrency market. This product could enhance liquidity and price discovery in the Bitcoin market, potentially reducing volatility and attracting more institutional investors. The use of the CME CF Bitcoin Real-Time Index adds credibility and transparency to the pricing mechanism.
From an investor's perspective, XBTX offers a new risk management tool, allowing for more sophisticated hedging strategies. This could lead to increased institutional participation in the crypto market, potentially driving up demand for Bitcoin. However, investors should be aware that regulatory approval is still pending and the SEC's stance on crypto products remains cautious.
Overall, this move by Nasdaq could be seen as a positive step towards mainstream adoption of cryptocurrencies, potentially boosting confidence in the asset class.
The introduction of Nasdaq Bitcoin Index Options represents a significant maturation of the cryptocurrency market. This product bridges the gap between traditional finance and digital assets, potentially expanding the investor base for Bitcoin.
The partnership with CF Benchmarks and the use of the CME CF Bitcoin Real-Time Index adds credibility and reliability to the pricing mechanism. This could address concerns about market manipulation and increase trust among institutional investors.
However, it's important to note that the success of this product will largely depend on regulatory approval and market adoption. While it offers new opportunities for risk management, investors should be aware of the inherent volatility of the cryptocurrency market and the potential for regulatory changes that could impact these products.
Nasdaq's move to introduce Bitcoin Index Options is a technological leap for the cryptocurrency ecosystem. The integration of blockchain-based assets with traditional financial instruments demonstrates the growing acceptance of digital currencies in mainstream finance.
The use of the CME CF Bitcoin Real-Time Index, updated every second, showcases the advanced data processing capabilities required to handle the 24/7 nature of crypto markets. This real-time pricing mechanism could significantly improve market efficiency and reduce arbitrage opportunities across different platforms.
Moreover, Nasdaq's support for digital asset ecosystem through CCP and CSD technologies highlights the importance of robust infrastructure in fostering institutional adoption. This technological backbone could pave the way for more sophisticated crypto-based financial products in the future.
Nasdaq® Bitcoin Index Options (XBTX) will track CME CF Bitcoin Real-Time Index, providing added transparency, accessibility and reliability to cryptocurrency ecosystem
New York, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ), in partnership with CF Benchmarks, today announced its filing with the Securities and Exchange Commission to list and trade Nasdaq Bitcoin Index Options (XBTX). Upon regulatory approval, investors will be able to manage positions and hedge investments in cryptocurrency through options, furthering the maturity and liquidity of the asset class.
"We are proud to partner with CF Benchmarks for the Nasdaq Bitcoin Index Options, providing market participants with trusted investment avenues for accessing the digital asset ecosystem,” said Greg Ferrari, Vice President and Head of Exchange Business Management at Nasdaq. “This collaboration further combines the innovative crypto landscape with the resiliency and reliability of traditional securities markets and would mark a significant milestone for expanding the maturation of the digital assets market.”
Pending regulatory approval, the index options will track the price of Bitcoin as represented by the CME CF Bitcoin Real-Time Index (BRTI). The product is intended to provide institutional and retail market participants access to an important risk management tool. The calculations powering the index are executed every second of every day by aggregating Bitcoin-USD order data from the leading cryptocurrency exchanges meeting the specific criteria.
XBTX will include European-style exercise and cash settlement provisions, with the final settlement value determined by the price of the CME CF Bitcoin Reference Rate - New York Variant (BRRNY) upon expiration, divided by a factor of one hundred (100). The BRRNY provides one set U.S. dollar price through a combination of data collected between 3:00 pm and 4:00 pm, providing a clear reference rate and essentially acting as a closing price in a market that is hallmarked by continuous global trading.
"CF Benchmarks is delighted to partner with Nasdaq on the launch of options settling to the CME CF Bitcoin Reference Rate – New York Variant (BRRNY), the most liquid and widely recognised BTC price benchmark for the US market,” said Sui Chung, CEO of CF Benchmarks. “Spot options settling to BRRNY will build upon the hugely successful BTC futures and options contracts offered by CME. Together these regulated crypto derivatives will give investors the confidence to deploy more nuanced ways to gain exposure to the largest digital asset and will complement the spot ETFs that have already proved so popular with investors. As the cornerstone provider of regulated benchmarks for the asset class we are proud to bring more institutions to the market that will keep improving market liquidity."
Nasdaq supports the maturation of digital asset ecosystem with trusted technology and institutional adoption
Amidst the maturation of the digital asset ecosystem, prioritizing trust, transparency and investor protection is paramount. To further those aims Nasdaq also supports its clients in the digital asset ecosystem through a variety of solutions and offerings.
The first is through serving as a leading technology provider of Central Counterparties (CCPs) and Central Securities Depositories (CSDs), which are pivotal in shaping governance frameworks and market stability essential for attracting institutional investors and fostering standardization. Through its versatile, multi-asset solutions, Nasdaq empowers organizations with dependable and adaptable technology throughout the trade process, enabling them to enhance operational efficiency, promote transparency and boost liquidity while maintaining exceptional levels of resilience.
The second is through Exchange Traded Product (ETP) listings, working closely with asset managers and regulators to ensure successful launch and trading of Ethereum and Bitcoin ETPs. Nasdaq’s supports these digital assets products through market quality and liquidity programs that provide our clients with tight spreads and robust price discovery.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.
About CF Benchmarks
CF Benchmarks is the leading regulated cryptocurrency index provider. Authorized as a registered benchmark administrator under the UK Benchmarks Regulation (UK BMR). CF Benchmarks (FRN 847100) is on the FCA Benchmarks Register. Benchmark indices are provided through fully replicable public methodologies and transparent governance, for tracking, valuing and settling risk in cryptocurrency products and services.
CF Benchmarks' indices are integrated into some of the largest regulated crypto products by assets. This includes six out of the 11 spot bitcoin ETFs in the US (IBIT, ARKB, EZBC, BITB, BRRR & BTCW) and
For a full list of products that are referenced against CF Benchmarks indices, please visit our website.
Cautionary Note Regarding Forward-Looking Statements
The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about Nasdaq and its products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq's control. These factors include but are not limited to factors detailed in Nasdaq's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.
Media Relations Contact:
Nasdaq
Gabrielle Vennitti
+1.914.510.3354
Gabrielle.Vennitti@nasdaq.com
CF Benchmarks
press@kraken.com
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FAQ
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