Episode summary
NYSE Owner Plans Hyperliquid Perpetuals Market in US
Bloomberg Businessweek Daily
· · Hosts: Tim Stenovec, Jess Mention · Guests: Jeff Sprecher
Summary
Jeff Sprecher said the sharp selloff in the Nasdaq 100 and S&P 500 looked like a normal retrenchment after an unusually strong year, arguing that long-term investors have to tolerate days like this. He also said Intercontinental Exchange had already seen 73 companies list on the New York Stock Exchange this year, more than all of last year, even as bankers may now delay new IPOs until markets settle down.
The bigger strategic theme was ICE’s move with Trade.xyz to create a US regulated market for perpetual futures built on Hyperliquid’s rails. Sprecher said he saw an opportunity after hearing the administration talk about bringing Hyperliquid to the United States, and he defended working with pseudonymous crypto founders as part of bringing accountability, oversight, and guardrails to a market he called the Wild West.
He argued perpetual futures would not cannibalize ICE’s core businesses because the user base and holding periods are very different: the average hold on ICE’s energy exchange is six months or longer, while perpetual futures can turn over in about 12 hours. Sprecher also said the push fits a broader shift toward 24/7 markets, with ICE working with banks and regulators as it eyes a first glimpse of around-the-clock equity trading in December 23rd by five.
Key takeaways
- Sprecher said the market selloff was a retrenchment after an “unbelievable year,” not a reason to abandon long-term investing.
- ICE has had 73 NYSE IPOs this year, more than all of last year, even as new listings may pause during volatility.
- Sprecher said ICE and Trade.xyz want to bring perpetual futures into US regulated markets with clearing, KYC, and AML systems.
- He argued perpetual futures serve a different, faster retail audience than ICE’s institutional energy and commodity franchises.
- Sprecher said the broader goal is to help build toward 24/7 equity trading, starting with a December 23rd launch by five.
Notable quotes
“markets climb a wall of worry”
“we've had an unbelievable year”
“we've had, I think 73 companies go public on the New York Stock Exchange so far this year, more than all of last year”
“I saw, uh, that it said, we're going to bring hyper liquid to the United States and regulate them”
“these are new markets. They some things will go wrong. Some some challenges will appear”
How the episode opens
We're going to get to everything that you guys are doing at Ice with Perpetual Futures. But before we do that, I just want you to weigh in on the markets today because the Nasdaq 100 down more than 4%, the S&P is down more than 2.2%. Worst days in months.
What's your view there? Um, you know, markets climb a wall of worry. And, uh, and so it feels like we've had an unbelievable year.
And the eye trade, uh, um, says apocalypse, uh, and, you know, a lot of inputs into the market. It feels like this is something that has to happen, you know, retrenchment, uh, before it can continue to go up. But, um, you know, it's just part of part of being a long term investors is tolerating it.
Well, you're joking about running the casino whenever you're speaking with clients, how do they feel right now? What are their questions towards you? Which are top questions?
Top concerns. Yeah. Well, we focus a lot on new companies trying to go public and um, um, and we've had, I think 73 companies go public on the New York Stock Exchange so far this year, more than all of last year.
Um, but now there's a retrenchment. Um, uh, what you're talking about is, is, uh, has bankers and other saying, let's let things settle down before we take new companies public. Yeah.
We'll see how long this this goes on. I mean, what do you think? Hard to know, but, uh, I don't have to know.
Well, let's talk a little bit about the way you're diversifying things over at Intercontinental Exchange. Uh, ice and trade X, Y, Z are planning a new market for trading, uh, perps. Uh, as part of this, you're taking a stake in trade XYZ.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- perpetual futures
- us crypto regulation
- market infrastructure kyc aml
- tech selloff
- demand for perpetual futures trading
Companies and tickers mentioned
- ICE
- Intercontinental Exchange
- Hyperliquid
- Trade.xyz
Watch the episode
Watch “NYSE Owner Plans Hyperliquid Perpetuals Market in US” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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