![NYSE Parent ICE Signs Trade[XYZ] Deal for U.S. Hyperliquid Perpetual Markets](https://www.coininsider.org/wp-content/uploads/2026/10/NYSE-and-ICE-Flags.webp)
Image Credit: Shutterstock
- Intercontinental Exchange signed an agreement to bring Trade[XYZ]'s perpetual markets into regulation.
- ICE intends to establish dedicated trading and clearing infrastructure for the U.S. offering.
- Retail trading availability remains dependent on receiving necessary regulatory approvals.
Intercontinental Exchange (ICE), owner of the New York Stock Exchange, signed an agreement on Oct. 29 to bring TradeXYZ’s Hyperliquid-based perpetual markets into a U.S.-regulated structure.
ICE would exclusively operate the regulated markets and is making a strategic investment in TradeXYZ. Retail trading remains dependent on regulatory approvals.
ICE Would Operate the Markets While TradeXYZ Develops Products
The proposed business would give retail traders access to perpetual futures across crypto, stocks, commodities, foreign exchange and other financial assets. These contracts provide price exposure without a fixed expiry date. The aim is to support short-term trading around the clock.
TradeXYZ already offers eligible users outside the United States around-the-clock access to perpetual markets. Hyperliquid supplies the underlying infrastructure, while TradeXYZ designs and implements the trading products.
Under the agreement, ICE intends to establish dedicated trading and clearing infrastructure for the U.S. offering. TradeXYZ would contribute its experience deploying markets on Hyperliquid, with ICE responsible for operating the regulated venue.
ICE is also making a strategic minority investment in TradeXYZ. It does not expect the holding to materially affect its 2026 adjusted financial results, shareholder payouts or debt-reduction plans.
Customers Would Access Trading Through Futures Brokers
Customers would need identity and anti-money-laundering checks. ICE expects access through futures commission merchants (FCMs) that become members of the platform.
FCMs act as the link between customer accounts, trading venues and clearing organizations. Their services include accepting orders, holding the funds supporting trading positions, providing transaction confirmations and issuing account statements.
TradeXYZ’s existing interface is noncustodial and does not hold user assets. The U.S. proposal pairs that blockchain technology with access through regulated brokerage accounts.ICE Chair and Chief Executive Jeffrey C. Sprecher said in a statement:
“We intend to find retail traders where they want to be, through the partners, brokers, and platforms they already use.”
One expected distribution channel is ICE’s joint venture with OKX. The companies announced that 50–50 venture on June 22, following ICE’s March investment in the crypto exchange.
The venture was originally intended to connect U.S. and overseas customers to ICE futures and NYSE tokenized equity markets. The TradeXYZ agreement adds perpetual contracts to that planned distribution network.
New Retail Markets Need Approvals and Separate Clearing
ICE and TradeXYZ intend to seek regulatory approvals for a new market and clearing structure built on Hyperliquid. That includes the permissions needed to offer retail customers leveraged trading.
The OKX venture has a separate approval process. Offering the contracts through that channel depends on its pending authorizations as a U.S. broker-dealer and FCM.
The proposed retail operation would run separately from ICE’s institutional futures and clearing business. That existing franchise serves commercial hedgers using traditional futures, longer-term pricing and physical or cash settlement.
ICE says the dedicated clearing structure is intended to keep the new retail business’s trading and counterparty risks separate from those of its institutional customers.
