The Intercontinental Exchange (ICE), which owns the New York Stock Exchange, is developing a trading platform that will allow major Wall Street players to bet on bitcoin, said a source who wished to remain anonymous.
The ICE exchange is discussing the project with other financial companies, but has not made a final decision on whether it will go ahead. Exchange representatives have so far declined to comment on the situation.
Wall Street companies began offering futures contracts from Cboe Global Markets and CME Group to clients in December, but the financial industry is shying away from directly selling Bitcoin due to the fact that the digital asset could be stolen by hackers. This means that Wall Street wolves who intend to invest must first figure out how to securely store these assets.
The ICE exchange may offer swaps to large investors who will eventually become owners of bitcoin, the New York Times reports. Such contracts require approval from the Commodity Futures Trading Commission.
In an interview last month, ICE Exchange CEO Jeffrey Sprecher did not deny the possibility of offering contracts related to digital currencies. “There is a trend that we cannot ignore, so I do not rule out this possibility,” he commented evasively on Bloomberg Television.
Goldman Sachs Group is also working on expanding the types of contracts available to investors as it intends to create a bitcoin trading platform. The bank will likely primarily trade bitcoin futures and will also create non-deliverable forward contracts.
According to https://www.businesslive.co.za
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