NYSE Parent ICE, OKX Plan Perpetual Crude Futures

Intercontinental Exchange, the parent of the New York Stock Exchange, and cryptocurrency exchange OKX are planning to launch crude oil-based perpetual futures.

The companies plan to offer perpetual futures contracts on the OKX platform based on Brent crude and West Texas Intermediate futures prices, Bloomberg reported on May 22.

The products will be launched in jurisdictions where OKX holds licenses for perpetual futures trading. ICE also owns a stake in OKX.

Perpetual futures initially grew on crypto exchanges, but the market has recently expanded into products tied to physical assets such as crude oil. The ability to trade on weekends has helped draw investor demand.

"The oil market is central to the global economy," Haider Rafique, OKX's global managing partner, said. Bringing ICE benchmarks into a regulated perpetual futures market links traditional finance with digital markets, he added.