Nadex, the North American Derivatives Exchange, has submitted an emergency notice to the Commodity Futures Trading Commission (CFTC), stating that it refrained from listing its Daily Bitcoin Binary contracts at the open of business for trade date on 22 November, 2016.
Technical Issue
The action was taken as the result of a technical issue which prevented the overnight market maker from pricing an accurate market.
Due to the low liquidity in the Nadex Bitcoin contracts in the absence of the market maker, Nadex took the decision to refrain from listing the contract until pricing could resume in the market.
In accordance with its statement, the contract was relisted at 10:00am ET on trade date 22 November, 2016.
Advisory
In the event that the technical issue experienced by the overnight market maker has not been corrected for the open of business on trade date 23 or 25 November (Nadex is closed on 24 November, 2016), Nadex has stated that it will once again refrain from listing this contract until pricing can resume. Nadex will post a notice on its website if the contract is further delayed.
Background
Nadex is the only legal way to trade binary options and spreads in the US. The firm, which provides investors the opportunity to trade stock indices, forex, commodities, economic events and Bitcoin, is regulated by the CFTC as a Designated Contract Market and Derivatives Clearing Organisation.
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