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ICE CEO Won't 'Rule Out' Crypto-based Futures contracts

Apr 10, 2018 Posted /  534 Views

ICE CEO Won't 'Rule Out' Crypto-based Futures contracts

ICE CEO Won't 'Rule Out' Crypto-based Futures contracts



Jeffrey Sprecher, ICE chief executive, discussed the issue in an interview, stating that it is "early days" for the asset class, but at the same time, the idea of cryptocurrency futures contracts could not be ignored. His comments were mostly ambiguous, did not specify any particular cryptocurrencies or if  ICE has any explicit plans to offer futures contracts based on them.


Additionally, he said:

"I wouldn't rule anything out ... There is a trend here we can't ignore in my mind, so I don't discount it. People put more faith in a guy named Satoshi Nakamoto that no one has ever met than they do in the U.S. Fed."


The New York Stock Exchange, one of ICE's subsidiaries with an investment in crypto exchange Coinbase has already entered the cryptocurrency arena back in 2015. The NYSE has also invested in several clearinghouses, exchanges and marketplaces concentrating in futures, other instruments. The NYSE favouring cryptocurrency filed to enlist bitcoin futures last year; however, no products have been sanctioned for launch as of now.


CME Group and Cboe Global Markets had kept themselves abreast by introducing futures contracts based on bitcoin prices way back in December last year. Also, Nasdaq is trying to become a part of the league. It is possible that contracts based on other cryptocurrencies are in the making as well. Reports in November indicated that an unknown firm going by the name "Virtuoso" was developing ether futures, and Cboe's boss in December floated the idea of ether and bitcoin cash futures.


When enquired again whether futures were coming or not, Sprecher dissented, saying "I wouldn't rule out anything around currency." 

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Tags: ICE intercontinental Exchange Crypto-based Futures Futures cryptocurrency Bitcoin Futures blockchain

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