Not long ago, Morgan Stanley decided to follow the lead of Goldman Sachs in clearing bitcoin-based futures. Meanwhile, more than a month ago two large exchanges CME and Cboe started off their own BTC derivatives products. It seems that the most prominent cyber coin in the world does not stop bothering the sharks of the investment business.
Now, the American stock exchange Nasdaq is evaluating the possibilities of providing crypto futures in an innovative manner. The platform’s CEO Adena Friedman said that the exchange does not want to resemble its rivals, so it is trying to find the different paths in the niche.
New Player In the Crypto Futures Game
In an interview with CNBC on January 23, Friedman reaffirmed the previous suggestions that the Nasdaq might enter the BTC futures game. Even though now it is revealed that the exchange is seriously looking into adopting such product, it remains unknown when exactly the launch may take place. However, Friedman made it clear that the work on contracts is really being conducted.
"We are continuing to investigate the idea of a cryptocurrency futures [contract] with a partner and we continue to look at the risk management around that,” said Friedman.
Nothing Compares To New Nasdaq’s Plans
At the same time, the exchange’s CEO emphasized that the Nasdaq want to reassure itself that the due protocols are there, as well as the expedient market query for the product. She also added that the platform is trying to make sure that “the contract is different from what's already out there."
For example, Friedman pointed out that Nasdaq’s competitors CME and Cboe, which launched own bitcoin-based products in December 2017, offered contracts which function by tracing the value of BTC and regarding bitcoin’s prospective cost. But the Nasdaq, apparently, is not going to follow the rivals’ lead and will try to come up with something fresh and unique.
Also, Friedman said that the platform could turn to the idea of utter revenue contracts. Therefore, they could have a distinct framework. To explain her previous statement, Friedman added that the Nasdaq might develop something which would rather suit deposition than the stock tracing. It means that the contact could trace a spot price instead of any prospective value of bitcoin.
Ultimately, the CEO emphasized that first and foremost the exchange has to bring all the ideas together and think over them precisely as they might fail the customer’s expectations and risk evaluations.
So, if the Nasdaq finally launched crypto futures, it will mean a broader adoption of virtual money in the financial world. Quite an optimistic scenario if not to take into account possible new bitcoin price gyrations that it may lead to.