Nadex self-certifies DOGE Crypto Event Contract
North American Derivatives Exchange, Inc. d/b/a Crypto.com | Derivatives North America has self-certified a swap, which is an event contract on Dogecoin (DOGE) cryptocurrency, which will be launched by the Exchange on or after November 10, 2023.
Since launching the BTC, ETH, LTC and BCH Touch Bracket Contracts in 2023, combined trading volumes of these contracts totals over 800,000 contracts. The Exchange continues to expand its cryptocurrency commodity derivative product offerings to meet public demand for diverse and regulated products.
The DOGE Crypto Event Contract includes Intraday, Hourly and Daily Cryptocurrency contracts on the cryptocurrency DOGE and will be structured in the same way as the Exchange’s currently listed event contracts for Forex.
Like all the Exchange Event contracts, the DOGE Crypto Event Contract will have a settlement payout range from $10to $100, or a payout of $0. The DOGE Crypto Event Contract will be listed at 8:00AM ET on the Start Date, or at the Expiration of the previously listed Event Contract (as described in the Specifications) and will cease trading pursuant to each Contracts’ individual specifications.
The Exchange has at least three dedicated market makers who are committed to providing liquidity for the DOGE Crypto Event Contract.
The Exchange plans to list the DOGE Crypto Contracts based on the Underlying DOGE cryptocurrency commodity market and settle the DOGE Crypto Contracts using data from the “ICE Cryptocurrency Data” feed, distributed by ICE Data® Connectivity and Feeds, Inc., as well as data from Lukka Inc.
The DOGE Crypto Event Contract benefits the public interest both as a hedging tool and a trading instrument where market participants can take a market view on the price of the given commodity. Like all the Exchange Contracts, the DOGE Crypto Event Contract will be fully collateralized at the time the transaction is entered. Thus, the trader is aware of the maximum risk to enter the transaction and the risk is limited by virtue of the pre-determined Strike Levels.
