NYSE owner takes Trade[XYZ] stake as it plans US Hyperliquid futures

Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, is planning a US perpetual-futures market built on Hyperliquid.On Oct. 29, ICE and Trade[XYZ], a crypto startup building products on Hyperliquid, announced plans to establish a dedicated US market for round-the-clock perpetual futures covering crypto, equities, commodities, and currencies, subject to regulatory approval.Billionaire investor Stanley Druckenmiller said he had invested in Trade[XYZ] and expected to use its products in his investment process.ICE's Hyperliquid plan targets a new retail marketIn May, CryptoSlate reported on Bloomberg’s account that ICE and CME Group had raised concerns with US regulators about oil-linked trading on Hyperliquid, including possible market manipulation and sanctions evasion.Those concerns emerged as traders increasingly used Hyperliquid's perpetual contracts to speculate on oil prices outside conventional exchange hours, particularly during periods of geopolitical uncertainty.The new agreement provides ICE with a potential route into that business, opening a customer segment largely absent from its existing operations.ICE says more than 99% of participation in its cu...