staff's questioning of details about the recent filings for Bitcoin ETPs caused a scramble by the Nasdaq
on Friday. Both exchanges amended the applications they submitted for Bitcoin ETPs that could be listed on their exchanges to answer questions from the SEC staff about what crypto trader would be providing their pricing data. In every case, the answer was Coinbase Custody Trust Company
The identity of the exchange was requested by SEC staff that are reviewing the surveillance strategy meant to ensure that the price for Bitcoin used by the ETP is not manipulated. The surveillance feature was unveiled
two weeks ago and competitors followed suit, with the Cboe amending
its client filings with a similar feature on Wednesday.
The Cboe amended its filing again on Friday
to update the identity of the exchange.
The fund firms making or amending filings for a Bitcoin ETP include:
Ark Invest (Cboe)
Van Eck (Cboe)
That Coinbase is the trading venue providing pricing for the arrangements is not a surprise as one of the requirements is that the pricing should be from a major exchange.
The applications must be approved by a majority of the five SEC commissioners to become effective.
Editor's Note: This story originally appeared on MFWire's sister publication CeFiWire.
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