Nasdaq is negotiating with industry representatives and an unnamed partner regarding the advisability of creating such an instrument. Back in November 2017, the Wall Street Journal wrote that Nasdaq was developing a bitcoin-based futures product in conjunction with the US financial company Cantor Fitzgerald.
There are two factors that can influence the final Nasdaq decision, Friedman said. First, the exchange wants to provide the market with a product that will be different from existing ones. In addition, she seeks to make sure that she can cope with all the risks inherent in cryptocurrency trading.
“The first thing to understand when creating a new product is whether people will use it and will use it differently than they do now. Secondly, for this we must pass independent certification as a futures exchange. We would use our NFX license, but must make sure that we are fully prepared from the perspective of risk management. These are the two main issues that we continue to work on,” Friedman explained.
In response to a question from the interlocutor about whether Nasdaq can launch exchange products for other cryptocurrencies, Friedman noted that two exchange index bonds are currently being traded on Nasdaq Nordic, one of which is linked to Ethereum and the other to bitcoin. However, in determining the future direction, Nasdaq primarily focuses on “the role of digital currencies and cryptocurrencies in the global economy”.
“The question is whether they will ripen to the stage when they will really be used in the exchange of goods,” she added.
Meanwhile, Nasdaq has added a new cryptocurrency index. Nasdaq also launches an index supporting decentralized finance. The exchange will also create a cryptocurrency service for institutions.
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