NYSE parent ICE pushes ‘level playing field’ for 24/7 onchain perps
ICE’s CEO says regulated exchanges should be allowed to offer 24/7 onchain perpetual futures, citing Hyperliquid as proof the market is already there.
Intelligence analysis by GPT-5.4 Mini
Intercontinental Exchange, parent of the NYSE, is pressing regulators for a “level playing field” so regulated venues can list around-the-clock onchain perpetual futures. Jeffrey Sprecher said ICE has discussed crypto-tradfi synergies with Hyperliquid, highlighting pressure from always-on crypto markets.
A big company that owns the New York Stock Exchange wants rules that let regular exchanges stay open all day and night for special trading contracts, like crypto markets do now.
Its boss says crypto venues already do this, so the old-school markets should get the same chance instead of being blocked.
It is a bit like a city bus company asking to run overnight buses after seeing a rival already do it. If the rules change, more big finance firms may copy crypto’s always-open style.
Analysis
What ICE is asking for
Intercontinental Exchange, the parent of the New York Stock Exchange, wants regulators to let regulated exchanges offer 24/7 onchain perpetual futures. At a Bernstein conference, CEO Jeffrey Sprecher said he was asking for a “level playing field,” arguing that regulators are preventing traditional venues from doing something that is already happening in crypto markets.
Hyperliquid as the reference point
Sprecher said ICE had held exploratory conversations with Hyperliquid about the overlap between crypto and traditional finance. The article says those talks were part of ICE’s effort to learn more about onchain perpetuals, which are already live on decentralized venues. Sprecher also praised Hyperliquid’s growth, saying it had become larger than Nasdaq, though the article notes that Hyperliquid is still far smaller than Nasdaq by conventional trading-volume measures.
Broader market context
The comments fit a larger pattern: traditional finance firms are testing ways to bring 24/7 trading and settlement onto blockchain rails. The article points to ICE’s recent work with OKX, including perpetual futures tied to ICE’s Brent and WTI crude benchmarks, and to ICE’s partnership with Securitize on blockchain-based stock-trading infrastructure. Together, those moves suggest ICE is exploring whether regulated markets can borrow the always-on model that crypto-native venues have already proven.
Why it matters
For crypto, this is another sign that onchain market structure is influencing TradFi rather than the other way around. If regulators eventually allow more regulated 24/7 products, crypto perpetuals could become the template for future stock, commodity, and other derivatives trading.
Key points
- ICE CEO Jeffrey Sprecher wants regulators to allow 24/7 onchain perpetual futures on regulated exchanges.
- He said regulators should create a “level playing field” because similar trading already exists in crypto.
- Sprecher said ICE has had exploratory talks with Hyperliquid to learn about onchain perps.
- The article links this push to wider TradFi interest in blockchain-based 24/7 trading and settlement.
- ICE has also recently expanded its crypto-related work with OKX and Securitize.
