The world’s second largest stock exchange, Nasdaq is reportedly planning to list its bitcoin futures. Reports from two people as detailed by Bloomberg indicates Nasdaq’s plan of streamlining the US’s Commodity Futures Trading Commission’s concern before the actual contract launch – In fact, it may soon start trading in early 2019, one of the people said.
“Nasdaq has been working to satisfy the concerns of the U.S.’s main swaps regulator, the Commodity Futures Trading Commission, before launching the contracts, the people said. The New York exchange operator, which was first reported to be eyeing Bitcoin futures last year, wants to allow trading in the first quarter of 2019, one of the people said.”
It had initiated funding of $190 million from the public in early September and believes that crypto market value might recover despite the dramatic plunge since the start of 2018. The market was reaching an all-time high when the leading markets including CME Group Inc. and Cboe Global Markets Inc. began hyping their futures launch – and since then Bitcoin which was closer to $20000 has plunged to $4000 a down record.
However, experiencing the competition, Nasdaq was reportedly found studying to make its offering different than the competitors. Consequently, this is not the only exchange betting on futures but also Intercontinental Exchange Inc. has also launched its future contracts on Jan 24. Nasdaq’s entry into the market is due to increasing demand from institutional investors form U.S Market.
At present, Nasdaq seeks regulatory approval to operate with regulator’s complaint and on depending the scenario, cryptocurrency market would have two largest stock exchanges (Nasdaq and NYSE) operating Bitcoin futures markets.