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Allies of Boris Johnson are pressurising the UK prime minister to deliver on promises to suspend the loan charge , as key deadlines loom for tens of thousands facing the controversial tax. The charge requires ...
(Bloomberg) -- Intercontinental Exchange Inc., the parent of the New York Stock Exchange, won an approval that clears the way for its Bakkt unit to allow investors to buy derivatives that pay out with Bitcoins for the first time.The New York State Department of Financial Services on Friday granted a charter to Bakkt Trust Co. to hold custody of customers’ tokens. The futures had already gotten a green light from the U.S. Commodity Futures Trading Commission under a self-certification process. The first contracts will be offered Sept. 23.“We believe that the availability of a benchmark that can be referenced globally will create confidence in the true price of Bitcoin,” Kelly Loeffler, Bakkt’s chief executive officer, said in a telephone interview. “It’s an important step in creating more trust.”Despite its status of the world’s most valuable cryptocurrency, Bitcoin is known for wild price swings that some say are the result of manipulation. Digital tokens trade on platforms that face far less regulatory scrutiny than exchanges for stocks or derivatives. Many of the venues are also located outside the U.S.According to Loeffler, the fragmented nature of Bitcoin trading means that there’s a lack of confidence of prices. She said that ICE’s futures contracts will lead to a new one-year price curve for Bitcoin that traders can use to express views on the cryptocurrency as they would with other asset classes.Some of the brokerages who already work with ICE to trade futures have agreed to also handle the crypto contracts, according to Bakkt.ICE has said its ultimate goal is to create an ecosystem that would encourage pension funds, endowments and other institutions to invest more money in cryptocurrencies, and make it much easier for consumers to buy products with the cryptocurrency. The venture, announced to much fanfare in August 2018, has lined up big-name backers, including Starbucks Inc. and Microsoft Inc.The goal is to have Bakkt serve as backbone of digital payment infrastructure at retailers starting in 2020, Loeffler said.Bakkt had faced months of delays amid skepticism from the CFTC officials around how clients’ tokens would be stored, and thus safeguarded from possible theft and manipulation, according to people familiar with the matter. The concerns prompted ICE to seek the license from New York.While ICE’s Bakkt futures won’t be the first Bitcoin futures to be listed on a major U.S. derivatives exchange, they could be the most significant for the burgeoning crypto industry. CME Group Inc. and Cboe Global Markets Inc. launched contracts in December 2017 that pay out in U.S. dollars on expiration, not actual Bitcoin. The Cboe no longer offers them.When Bakkt’s one-day and one-month contracts expire they would pay out in Bitcoin tokens instead of U.S. dollars. The futures will be exchange-traded on ICE Futures U.S. and cleared on ICE Clear US, which are federally regulated by the CFTC.Bitcoin erased losses of as much as 6% to trade little changed at about $10,400 after the announcement. The largest cryptocurrency has dropped about 13% this week. It traded around $7,400 when the the venture was first announced.(Adds comments from Bakkt CEO in fourth and fifth paragraphs.)\--With assistance from Olga Kharif.To contact the reporter on this story: Ben Bain in Washington at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Dave Liedtka, Gregory MottFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Bakkt Trust Co LLC has been granted a license to operate as a limited liability trust company, the New York State Department of Financial Services said on Friday. Bakkt is a cryptocurrency platform affiliate of Intercontinental Exchange Inc, which also owns the New York Stock Exchange. A trust company is technically different from a bank in New York but can take deposits and make loans, and act as an agent for government bodies.
Intercontinental Exchange, the world’s second-largest exchange group by market value, is to launch trading in bitcoin futures next month, in a long-awaited bid to lure more Wall Street investors into the sometimes treacherous world of crypto. Bakkt, the business set up by the Atlanta-based group a year ago to develop infrastructure for trading digital assets, said on Friday that it would launch two physically delivered bitcoin futures contracts on September 23, one of them monthly and one daily. of crypto assets has been a big concern of institutional investors, because exchanges have repeatedly suffered hacks and outages.
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US equities fell 3 per cent on Wednesday after disappointing data from China and Germany increased fears over global growth and bond markets signalled the chances of a recession were mounting. In Asia, Japan’s Topix was down 1.9 per cent, erasing gains for the year, while the S&P/ASX 200 in Australia fell 1.2 per cent. Hong Kong’s Hang Seng index and China’s CSI 300 were down 0.67 per cent and 0.91 per cent respectively on opening. “I think that the US economy has enough strength to avoid [a recession].
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Shares of CME Group and Intercontinental Exchange are at record highs, underscoring investors’ enthusiasm for companies that run the infrastructure for global markets. With equity capitalisations of $77bn and $52bn, respectively, the US duo are the most highly-valued of the clutch of trading venues specialising in stocks, bonds, futures, derivatives and foreign exchange. Over the past decade, the Dow Jones Global Exchanges index has produced total returns of 163 per cent, more than double the 79 per cent return for the MSCI World Banks index.
MarketAxess, the US corporate bond trading venue, is to compete with CME Group and Tradeweb in the $14tn US Treasury market after agreeing a deal to buy LiquidityEdge, a small electronic marketplace, for $150m. It will pay $100m in cash and $50 in MarketAxess stock for Liquidity Edge, which is majority-owned by former ICAP executive David Rutter. Shares in MarketAxess rose 0.4 per cent to $364 on the news on Tuesday.
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The Intercontinental Exchange (ICE), an exchange operator, will acquire a family of fixed income volatility indices, including Merrill Lynch’s Option Volatility Estimate (MOVE) to improve client risk management. “The MOVE Index has a long history of providing strong signals about bond market sentiment, and we’re excited to have it become part of our portfolio of fixed income indices,” said ICE Data Services President and COO Lynn Martin. The MOVE Index is a measure of volatility in U.S. interest rates.