Cboe Joins Pyth Network to Bring Market Data to Blockchain

Cboe Joins Pyth Network to Bring Market Data to Blockchain

  • Cboe is the first major global exchange operator to join the Pyth Network
  • Plans to contribute real-time derived market data to serve the global DeFi community, starting with 10 tokens from one of the four US stock markets.
  • Reflects Cboe’s broader commitment to help grow and mature the digital asset ecosystem

CHICAGO, 5 October 2022 /PRNewswire/ — Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced that it has joined Pyth network, a decentralized platform for the distribution of financial market data for aggregated data. Cboe plans to begin publishing limited derivative stock market data for certain symbols from one of the four US stock exchanges to Pyth network in the fourth quarter of 2022, providing real-time, institutional-quality price information to help further expand the network.

Timely and accurate market data has historically been available through traditional direct connection methods for institutions, market participants and other data providers. The Pyth network is a next-generation price oracle solution that aims to make valuable financial market data available on-chain to projects and protocols, as well as to the general public via blockchain technology. The network aggregates first-party price data from a broad group of over 70 trusted data providers and publishes it for consumption by smart contracts and other on-chain or off-chain applications.

“We believe DeFi has the potential to play an important role in defining the future of our financial markets and we are excited to help support its growth through innovative initiatives such as the Pyth network,” said Catherine Clay, Executive Vice President, Data and Access Solutions at Cboe Global Markets. “As Cboe expands its presence in the digital asset space, we look forward to bringing the data solutions from our deep and liquid markets to the global DeFi community and working with our industry peers to transform the digital asset ecosystem and empower how financial data is used on the blockchain. “

Cboe’s support for the Pyth network reflects its broader commitment to help grow and mature the digital asset market by bringing its global infrastructure, market expertise and computing capabilities to the space. The announcement follows the recent acquisition of Eris Digital Holdings, LLC (ErisX), a US-based operator of a digital asset spot market, a regulated futures exchange and a regulated clearing house, which gives Cboe access to digital asset spot, data and derivatives markets . , including clearing and settlement. ErisX was officially rebranded as Cboe Digital on October 3.

“Cboe’s US equity markets are among the largest and most liquid in the world and provide reliable and accurate data that market participants rely on to make critical trading decisions,” said Adam Inzirillo, Senior Vice President and Head of North American Equities at Cboe Global Markets. “Our participation in the Pyth network will provide another opportunity to expand customer access to our data and is in line with our strategy to deliver market data to investors worldwide based on how they want to consume their data, either through direct connectivity methods , the cloud or the blockchain.”

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Cboe’s US stock market data is currently available locally in Cboe’s primary and secondary data centers in Secaucus, New Jersey and Chicago, Illinois and at applicable Cboe Point of Presence (“PoP”) locations, as well as via Cboe Global Cloud, a cloud-based data streaming service, with various secure connectivity options.

“The Pyth network provides real-time and reliable price data, through a fully decentralized mechanism, by sourcing directly from some of the world’s most important financial institutions, and we are thrilled to count Cboe as our first major global exchange provider,” said Stephen Kaminsky, Special Projects at Jump Crypto, one of the leading institutions that help support the Pyth network. “As one of the largest global market infrastructure providers in the world, Cboe will deliver robust, high-quality derived data that will help the Pyth network further improve and scale its offerings for DeFi consumers.”

The Pyth network, which includes more than 70 prominent financial market players as data publishers for various asset classes, delivers first-class, real-world data on the chain on a sub-second time scale. The network is built on Solana, a blockchain proven to handle fast and efficient dissemination of fast-moving data, and other major blockchains designed to distribute real-time, high-performance, and verifiable data.

Pyth is a first-party financial oracle network designed to publish continuous real-world data on-chain in a tamper-proof, decentralized and self-sustaining environment. The Pyth Data Association was established in support of the Pyth Network and is overseen by a Board of Directors elected by members of the Pyth Network.

About Cboe Global Markets, Inc.

Cboe Global Markets (Cboe: CBOE), a leading provider of market infrastructure and tradable products, delivers cutting-edge trading, clearing and investment solutions to market participants worldwide. The company is committed to operating a trusted, inclusive global marketplace, offering leading products, technology and data solutions that enable participants to define a sustainable economic future. Cboe offers trading solutions and products in multiple asset classes, including equities, derivatives, currency and digital assets, across North America, Europe and Asia Pacific. To learn more, visit cboe.com.

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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements with forward-looking words such as “may”, “may”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or ” continue”, and the negatives of those terms and other comparable terminology. All statements that reflect our expectations, assumptions or forecasts about the future, other than statements of historical fact, are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks , uncertainties and assumptions about us, may include forecasts of our future financial performance based on our growth strategies and expected trends in our business. These statements are only predictions based on our current expectations and projections of future events. There are important factors that could lead to that our actual results, level of activity, performance or achievements differ materially from those expressed or implied by forward-looking statements.

We operate in a highly competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results that differ significantly from those contained in any forward-looking statements.

Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; reductions in trading or clearing volumes, market data fees or a change in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communications networks from security risks, cyber security risks, insider threats and unauthorized disclosure of confidential information; our ability to attract and retain skilled management and other personnel; increase competition from foreign and domestic entities; our dependence on and exposure to risk from third parties; fluctuations in exchange rates; factors affecting the quality and integrity of our indices; the impact of the novel coronavirus pandemic (“COVID-19”); our ability to conduct our business without infringing the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit and default risk, associated with the operation of a European clearing house; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of the performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges with our use of open source; our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national stock exchanges; damage to our reputation; the ability of our compliance and risk management practices to effectively monitor and manage our risks; our ability to effectively manage our growth and strategic acquisitions or alliances; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the accuracy of our estimates and expectations; litigation risk and other liabilities; and operation of a digital asset business and clearinghouse, including the expected benefits of our ErisX acquisition, cybercrime, changes in digital asset regulation, losses due to digital asset custody and fluctuations in digital asset prices. More detailed information about factors that could cause our actual results to differ can be found in our filings with the SEC, including our Annual Report on Form 10-K for the year then ended 31 December 2021 and other filings from time to time with the SEC.

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We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

SOURCE Cboe Global Markets, Inc.

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