North American Derivatives Exchange, Inc. (Nadex), doing business as crypto.com | Derivatives North America, has informed the CFTC of its intent to discontinue its current underlying foreign currency data source, known as the “NadexFX data feed”, and replace the feed with the underlying foreign currency data distributed by ICE Data® Connectivity and Feeds, Inc. (IDCF).

IDCF is part of the Intercontinental Exchange group of entities. The IDCF foreign currency data is a robust compilation of actionable bids and offers in foreign currencies obtained from 19 well known established banking institutions from around the globe. Data is provided in real-time enabling Nadex to calculate the Expiration Value of its foreign currency contracts within seconds of the contracts’ expiration time.

The Nadex Operations and Compliance Departments have engaged in substantial testing of the new underlying data feed to ensure its robustness, the Exchange’s ability to calculate an Expiration Value that accurately reflects the market value of the corresponding underlying market, and to ensure the Exchange’s surveillance system, Scila, would reliably capture the data and properly generate appropriate alerts based on the parameters set by the Exchange.

Pursuant to the 10-day filing period under Regulation 40.6(a) (3), Nadex will change to the new IDFS underlying foreign currency data feed no earlier than trade date January 27, 2023.

No substantive opposing views were expressed to Nadex with respect to these amendments.