Intercontinental Exchange, the operator of the New York Stock Exchange, said on Oct. 29, 2026, that it had reached an agreement with Trade[XYZ] to build a regulated, Hyperliquid-based perpetual futures market in the United States. The planned venue would offer retail investors round-the-clock access to perpetual futures under a structure intended to separate their trading and counterparty risks from ICE’s institutional business.

The companies plan to establish separate trading and clearing infrastructure, according to the official statement. The launch depends on obtaining the required approvals from U.S. regulators, including authorization for leveraged trading.

ICE to operate regulated markets

Under the agreement, ICE will become the exclusive operator of Trade[XYZ]’s regulated markets. ICE will also make a strategic investment in the company and acquire a minority stake. The parties did not disclose the investment’s size.

The new venue will target retail investors and provide 24/7 trading in perpetual crypto futures covering cryptocurrencies, stocks, stock indexes, commodities and currencies.

Trade[XYZ] already offers users outside the United States access to similar instruments through Hyperliquid. Hyperliquid provides the core trading infrastructure, while Trade[XYZ] handles product development and rollout.

If regulators approve the platform, the contracts will be available to clients who complete know-your-customer and anti-money laundering checks. Trading will take place through registered intermediaries, known as futures commission merchants, that have joined the platform.

ICE said the business will operate separately from its existing institutional infrastructure. The structure is intended to ring-fence retail investors’ trading and counterparty risks from those of professional market participants. More than 99% of ICE’s current clients are institutional, according to the company.

ICE Chair and CEO Jeffrey Sprecher said retail investor interest in 24/7 trading continues to grow. He described perpetual futures as a complement to traditional term instruments rather than a replacement.

Separate initiative with OKX

ICE also plans to roll out new products through a joint venture with crypto exchange OKX. ICE previously invested in OKX, and the companies agreed to give OKX’s global client base access to ICE’s regulated markets.

That joint entity must also obtain approvals to operate in the United States as a broker-dealer and a futures commission merchant.

Approach to Hyperliquid oversight

In May 2026, ICE and CME Group urged U.S. regulators to tighten oversight of Hyperliquid. Representatives of the exchanges raised concerns about anonymous trading on the platform and the lack of supervision, particularly in oil derivatives markets.

In August, the nonprofit Hyperliquid Policy Center proposed that the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission develop a unified approach to regulating perpetual futures and reconsider their classification.

Hyperliquid founder Jeff Yan later argued for a model that places regulatory obligations on trading-service operators rather than on the blockchain itself. In his view, that structure would allow traditional financial institutions to use Hyperliquid to create their own products.

The agreement between ICE and Trade[XYZ] follows that model: Hyperliquid will provide the technological foundation, while a licensed operator will be responsible for running the regulated market.

Source: Incrypted