Owner of New York Stock Exchange is Working on a New Bitcoin Derivative

[kreslik.news]

Intercontinental Exchange, the parent company of the New York Stock Exchange, is in the process of developing a cryptocurrency trading platform, according to the New York Times.

The report cites four sources who asked to remain anonymous, and emails of confidential plans. Reportedly, ICE has “had conversations with other financial institutions” about setting up the new business and the trades will take the form of swaps.

A swap transaction is when two parties exchange complicated financial instruments, based on a cash value which is not usually exchanged. The most common type of swap is an interest rate swap. Because of the complexities ... (read more)