The New York-based exchange operator plans to introduce bitcoin futures next year, according to a person familiar with the matter, becoming the third major US exchange to dive into the red-hot market for cryptocurrencies. Nasdaq will introduce the products as early as the second quarter, and the contracts will trade on its NFX market, according to the person, who asked not to be named discussing a private matter.
The offering will pit Nasdaq against two bigger competitors, CME Group Inc. and Cboe Global Markets Inc, both of which already announced plans to offer cryptocurrency derivatives. Nasdaq is a comparatively small player in the futures market, which may make it harder to cultivate an image as a destination for cryptocurrency derivatives trading.
The strategy also means that New York Stock Exchange owner Intercontinental Exchange Inc. is the only one of the four major US exchange operators without public plans to offer bitcoin derivatives. VanEck Associates Corp., which recently withdrew plans for a bitcoin exchange-traded fund, will supply the data used to price the contracts, pulling figures from more than 50 sources, according to the person.
The Nasdaq contracts are also designed to handle bitcoin hard forks more elegantly, the person said. Nasdaq's product will reinvest proceeds from the spin-off back into the original bitcoin in a way meant to make the process more seamless for traders, the person said.
http://www.businesstimes.com.sg/banking-finance/nasdaq-is-said-to-plan-bitcoin-futures-joining-big-rivals
