NYSE owner ICE takes a minority stake in Trade[XYZ] and plans a regulated U.S. retail market for Hyperliquid-based perpetual futures, pending approvals

Intercontinental Exchange is moving onto Hyperliquid's rails. In a press release dated October 29, ICE said it has signed a definitive agreement with Trade[XYZ] to bring Trade[XYZ]'s perpetual markets onshore in the United States, subject to regulatory approvals. ICE will be the exclusive operator of the regulated markets and will set up a dedicated retail market and clearing structure built on Hyperliquid. It is making a strategic investment in Trade[XYZ], described as a minority stake without a disclosed size.

Trade[XYZ] currently offers offshore users round-the-clock perpetual contracts on stocks, stock indices, commodities and currencies. The new market is aimed at retail traders who want short-term exposure to crypto, equities, commodities and foreign exchange. Verified customers would reach it through futures commission merchants that join as platform members, and ICE says the retail business will run separately from its institutional futures and clearing franchise.

ICE chair and CEO Jeffrey Sprecher said: "We see these perp markets as additive to our futures markets, not a replacement for them." The release gives no launch date or approval timeline, and crypto.news notes the plan needs Commodity Futures Trading Commission approval.