The second largest stock exchange Nasdaq is in our crypto news today for its plan to set up a Bitcoin futures market with the start of 2019.
According to sources, Nasdaq is now cooperating with the Commodities and Futures Trading Commission in order to obtain approval of the regulatory body so they can operate as a cryptocurrency futures operator.
“Nasdaq has been working to satisfy the concerns of the U.S.’s main swaps regulator, the Commodity Futures Trading Commission, before launching the contracts, the people said.
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The New York exchange operator, which was first reported to be eyeing Bitcoin futures last year, wants to allow trading in the first quarter of 2019, one of the people said.”
If Nasdaq enters the long-lasting bear market, this means that the company is meeting the institutional demand from the US market. However, depending on how Nasdaq delivers its plans, by the second quarter of 2019, the cryptocurrency market could have the two largest stock exchanges on the market such as Nasdaq and NYSE.
The US Securities and Exchanges Commission has already denied exchange-traded funds based on the futures market claiming that the futures market is not a big market for large investments. The stance of the SEC could possibly change in the next 10 months if Bakkt and Nasdaq show some real demand from local investors.
The crypto exchange built by ICE Bakkt, is expected to launch its Bitcoin futures market on January 24. The company has stated that they needed additional time to set the infrastructure that is needed to serve a large group of investors and this is why the launch will be in January.
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