Press release
Nasdaq and CF Benchmarks to Drive Development and Adoption of Digital Asset with New Index Options
Nasdaq® Bitcoin Index Options (XBTX) will track CME CF Bitcoin Real-Time Index, providing added transparency, accessibility and reliability to cryptocurrency
About this update from Nasdaq, Inc.
[{"type":"text","content":"Nasdaq® Bitcoin Index Options (XBTX) will track CME CF Bitcoin Real-Time Index, providing added transparency, accessibility and reliability to cryptocurrency ecosystem\nNew York, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ), in partnership with CF Benchmarks, today announced its filing with the Securities and Exchange Commission to list and trade Nasdaq Bitcoin Index Options (XBTX). Upon regulatory approval, investors will be able to manage positions and hedge investments in cryptocurrency through options, furthering the maturity and liquidity of the asset class. \"We are proud to partner with CF Benchmarks for the Nasdaq Bitcoin Index Options, providing market participants with trusted investment avenues for accessing the digital asset ecosystem,” said Greg Ferrari, Vice President and Head of Exchange Business Management at Nasdaq. “This collaboration further combines the innovative crypto landscape with the resiliency and reliability of traditional securities markets and would mark a significant milestone for expanding the maturation of the digital assets market.” Pending regulatory approval, the index options will track the price of Bitcoin as represented by the CME CF Bitcoin Real-Time Index (BRTI). The product is intended to provide institutional and retail market participants access to an important risk management tool. The calculations powering the index are executed every second of every day by aggregating Bitcoin-USD order data from the leading cryptocurrency exchanges meeting the specific criteria. XBTX will include European-style exercise and cash settlement provisions, with the final settlement value determined by the price of the CME CF Bitcoin Reference Rate - New York Variant (BRRNY) upon expiration, divided by a factor of one hundred (100). The BRRNY provides one set U.S. dollar price through a combination of data collected between 3:00 pm and 4:00 pm, providing a clear reference rate and essentially acting as a closing price in a market that is hallmarked by continuous global trading. \"CF Benchmarks is delighted to partner with Nasdaq on the launch of options settling to the CME CF Bitcoin Reference Rate – New York Variant (BRRNY), the most liquid and widely recognised BTC price benchmark for the US market,” said Sui Chung, CEO of CF Benchmarks. “Spot options settling to BRRNY will build upon the hug...