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NYSE announces collaboration with CoinDesk Indices to launch financial products tracking spot bitcoin prices

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The New York Stock Exchange, part of Intercontinental Exchange, Inc, has announced it is collaborating with CoinDesk Indices to launch cash-settled index options tracking the CoinDesk Bitcoin Price Index (XBX), the longest-operating spot bitcoin index.

ICE and the NYSE write that they intend to work with CoinDesk Indices and the relevant regulatory agencies to develop specific product offerings. Last year, ICE Futures Singapore collaborated with CoinDesk Indices to update its bitcoin futures contracts, CoinDesk Bitcoin Futures (BMC), to utilise XBX for its monthly contract settlement.

Currently the benchmark for USD20 billion in ETF assets under management, XBX tracks the spot price of bitcoin, denominated in US dollars, in real time across multiple crypto exchanges. XBX is calculated and published once per second, 24 hours per day, 365 days each year.

“As traditional institutions and everyday investors are demonstrating their wide-ranging enthusiasm for the recent approval of spot bitcoin ETFs, the New York Stock Exchange is excited to announce its collaboration with CoinDesk Indices,” says Jon Herrick, Chief Product Officer, 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 delivered a trusted price of bitcoin to millions of investors, market participants, and bitcoin enthusiasts since 2014,” says Andy Baehr, Head of Product, CoinDesk Indices. “Collaborating with the NYSE to launch XBX index options opens a new chapter in digital assets, placing important and familiar risk-management tools in the hands of US and global investors.”

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