The North American Derivatives Exchange, Inc. d/b/a Crypto.com | Derivatives North America has certified a swap, which is an event contract based on a commercial economic event. The Exchange intends to list the Event Contract for trading no later than May 14, 2025.

The Event Contract is a financial instrument designed to express a market view related to the potential increase or decrease in price of the COMEX/NYMEX® Gold Futures Contract (“GFC”).

The Event Contract operates in a manner equivalent to economic event contracts that Nadex and other designated contract markets have certified for trading. Price bands will apply so that the Contract may only be listed at increments of at least $.10 and at most $9.90.

The Event Contract will have a minimum notional value of $10 and a minimum price fluctuation of $.10, to enable Members to match the size of the contracts purchased to their economic risks.

At least one dedicated market maker that is committed to providing immediate liquidity will participate upon the Event Contract’s launch.

During the Event Contract trading hours, Members are able to adjust their positions and trade freely. After trading of the Event Contract has closed, Nadex will determine the Expiration Value and whether the Payment Criteria encompasses the Expiration Value (i.e., whether the market outcome is “Yes” or “No”).

The market is then settled by Nadex, and either the long position holders or the short position holders are paid the Settlement Value.

In this case, “long position holders” refers to Members who purchased the “Yes” side of the Event Contract and “short position holders” refers to Members who purchased the “No” side of the Event Contract.

If the Expiration Value is “Yes”, then the long position holders are paid an absolute amount proportional to the size of their position and the short position holders receive no payment. If the Expiration Value is “No,” then the short position holders are paid an absolute amount proportional to the size of their position and the long position holders receive no payment.

The Expiration Date of the Contract is designed to account for multiple possible contingencies impacting the determination of the Expiration Value.