"This announcement by the ICE and the NYSE to offer swap contracts likely means that they have found a custodian solution that is likely SEC-qualified and fits with the SEC's compliance requirements."
Sorry but there hasn't been any announcement by either NYSE or ICE on this.
This article by NYSE seems to have been hyped up. I am sure not only NYSE but every exchange in the world is thinking of this looking at the profits of binance and coinbase. So thinking is not big news.
Moreover, the facts stated in the article by cointelegraph and NYSE are very questionable. Swaps involved swapping one thing for the other. Why swaps? The instruments sound like bitcoin, settlement on exchanges is typically t+2 or t+3 days. But given how fast bitcoin metwork is, settlement should be on the same day. Otherwise may be they are 1 day physically settled futures.
Also exchanges do not provide custoday. The world of traditional finance should not accept that.
I think the NYT article saw some email exchange on potential of bitcoin trading and most of it is a figment of his own imagination.
I agree with one thing. This, if happens will be huge and may mean that regulation for bitcoin is round the corner.
Good points, though if it wasn't true don't you think it would have been refuted at this point?
i am not denying ICE is thinking about starting a bitcoin exchange. If they weren't, it would be more shocking. also they may be thinking of some kind of swaps. may be for institutional players, other derivatives make sense given futures have been successful to a large degree. they may also be thinking of solving custody issues for some clients. all i am saying is just as there is negative fud, there can be hype.
given the success of crypto, no one wants to be left behind. adding blockchain to a company's name these days leads to massive increases in stock price. this hype not only helps cryptos but also ICE, it helps them answer questions about bitcoin from their shareholders.
Yes that is a good point. The fact that it hasn't really been refuted at this point, despite the fact that major news networks are reporting it and reaching out to ICE and NYSE for comment leads me to believe there likely is more than just "thinking about doing it". We will find out more in the coming weeks though.