Intercontinental Exchange (ICE)’s proposed U.S. retail venue would pair Trade[XYZ]-developed perpetual contracts with ICE-operated regulated markets and Hyperliquid infrastructure, giving users continuous exposure to digital and traditional assets if regulators approve the plan.
Under the Oct. 29 agreement, ICE would run Trade[XYZ]’s regulated markets and invest in the company. Hyperliquid would supply the infrastructure, while Trade[XYZ] would develop the contracts. The contracts would have no preset maturity and are designed to give users continuous exposure to digital assets and traditional markets, including equities, indexes, commodities and currencies.
ICE described the retail service as a way to reach customers seeking continuous, short-term market exposure, including traders who now use offshore venues. The company said the institutional futures and clearing businesses would remain separate; institutional customers and commercial hedgers would not carry trading or counterparty exposure from the retail platform.
Before trading starts, ICE and Trade[XYZ] must obtain U.S. regulatory clearances, including those needed for leveraged products. Customers would access the venue through participating futures commission merchants, with access limited to users who meet know-your-customer and anti-money-laundering requirements.
A separate distribution channel could involve ICE’s joint venture with OKX. Use of the ICE–OKX venture would depend on U.S. approval of its broker-dealer and futures commission merchant registrations.
ICE Chair and CEO Jeffrey C. Sprecher described the products as “additive to our futures markets, not a replacement for them.” ICE’s Oct. 29 announcement did not specify a launch date, and operations remain dependent on the required approvals. EconoTimes previously covered the proposed U.S. venue involving ICE and Trade[XYZ].
