The Singapore Exchange (SGX) will be taking part in many exchanges of traditional numbers that will list BTC’s permanent futures later this year and dive into the “crypto” market.
SGX plans to list futures later this year, a spokesman told Bloomberg. They will only allow professional investors and institutions to access them in line with the financial regulations of the country that ban retail investors from complex financial products and protect them from large numbers of risk.
Permanent futures are a subset of futures contracts that have no expiration dates. This allows traders to hold their positions indefinitely, unlike the traditional future. Without an expiration date, the exchange relies on a subtle financing mechanism in which prices rise and vice versa, short traders pay for the fees.
SGX is Singapore’s biggest exchange and the second largest in the Association of Southeast Asian Countries (ASEAN) Association, so it hopes that market reputation will attract traders who are moving away from the regulated digital asset market.
“In a space where reliability and reliability make all the difference, innovative offerings on reliable, regulated platforms will significantly increase access to the institutional market,” the company said in a statement to media outlets.
Permanent futures are popular products in the “crypto” world and are one of several core products of the biggest “crypto” exchange. However, the “crypto” sector is still considered a wild West, leaving the vast group of institutional investors who have fallen into a huge pocket away from these products. After all, permanent futures were one of the major products of the obsolete FTX Exchange, and at its peak, they traded over $20 billion each day on these products.
Traditional exchanges have stepped in to take advantage of this new market and lend a reputation to these “crypto” products.
In Singapore, two other traditional platforms already offer a lasting future for BTC. Last year, EDX Global launched city-state exchange spots and permanent futures. Backed by Fidelity Digital Assets and Citadel Securities, the company has only deposited its net obligations in its Anchorage account and is affiliated with Anchorage for custody.
A few months before EDX Global launched its platform, a similar product from Asianext lived in Singapore and targeted the same market. At its launch, the company, backed by Japan’s SBI (NASDAQ: SBHGF) and six exchange groups in Switzerland, described its platform as a “safe place for exposure to digital assets” for institutional investors.
Tel Aviv Stock Exchange Eyes DLT Upgrade
Elsewhere, the Tel Aviv Stock Exchange (TASE), Israel’s only public securities market, is targeting system upgrades among the technologies that are being watched by distributed ledger technology (DLT) and artificial intelligence (AI).
Tase has launched public consultations on clearing and payment system upgrades. We plan to develop and integrate advanced solutions built on “groundbreaking technology” to improve access and enhance local competition.
Generated AI, DLT, and cloud computing are among the top technologies that Booth is exploring. We employ services from New York-based consulting firm Oliver Wyman to review its business and systems and recommend the best course of action to revive the exchange.
In the accompanying document, the exchange revealed that it will use DLT to “provide clearing and payment solutions at all security levels, while increasing efficiency, increasing activity volume and preparing diverse activities.”
Tase is no stranger to DLT. Three years ago, the exchange revealed it was working on government bonds to make it more accessible, especially for retail investors. They also announced plans to integrate DLT into operations for efficiency, security and cost-effectiveness. CEO Ittai Ben-Zeev said Tase also intended to develop a small-scale replacement turnkey blockchain system.
Beyond DLT, the exchange also plans to support digital assets and provide custody, liquidation and settlement, tokenization, access to liquidity, staking, payments and other interoperability solutions.
Tase is on the growth list of traditional exchanges that integrate DLT, led by Borse Stuttgart and Six Swiss Exchange. The latter founded Six Digital Exchange (SDX), the world’s first regulated central security depository institution for digital assets.
Blockchain overhauls are not always disappearing according to the plan. The Australian Stock Exchange (ASX) attempted to modify its clearing and payment systems on the blockchain was a disaster, and by the time it was abandoned in 2022 it cost the exchange $250 million ($157 million).
Viewing: Blockchain is more than a digital asset
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