ICE and Trade[XYZ] agree to bring the perpetual contract market to the US, with ICE serving as exclusive operator

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ICE and Trade[XYZ] have agreed to bring the perpetual contract market to the US, with ICE serving as the exclusive operator under a new dedicated market and clearing structure. Customers accessing the platform through futures commission merchants must complete KYC verification; the contracts will cover crypto assets, stocks, indexes, commodities and foreign exchange. ICE will also make a minority equity investment in Trade[XYZ]. CME Group has filed a lawsuit over whether perpetual contracts should be classified as swaps or futures, a classification that will affect margin periods, clearing requirements and tax treatment.