Toronto Options Exchange Picks BNC to Power Crypto Markets
New Zealand-based crypto data firm Brave New Coin has partnered with a new Canadian options exchange to develop indexes for its forthcoming crypto markets.
Digital asset data firm Brave New Coin (BNC) has inked a multi-year deal with the Toronto Futures Options Swaps Exchange (tFOSE) to power its crypto options trading.
The partnership will see BNC â€œdesign, calculate, and administer a suite of cryptocurrency indices to power cash-settled options trading on tFOSE.â€�
2021 launch for crypto options
James Beattie, the president and chief executive of tFOSE, stated that BNC was chosen after the exchange conducted extensive research into crypto market data providers.
â€œBrave New Coin meets all of our needs, taking a unique approach to index design, methodology, and governance that will help tFOSE meet the specific, exacting needs of both our retail and institutional investors,â€� said Beattie.
The exchange anticipates its crypto options will begin trading during 2021, however, tFOSE is still yet to receive approval for the planned contracts
LTC index to launch first
The firms expect that the indices will be available for production by the fourth quarter of 2020, with the companies planning to launch the â€˜tFOSE BNC Litecoin Indexâ€™ first. BNC currently provides data and index services to NASDAQ, Dow Jones Factiva, and Amazon Alexa, among others.
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