Druckenmiller invests in Trade[XYZ], ICE plans to launch a regulated Hyperliquid market

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Stan Druckenmiller disclosed an investment in Trade[XYZ] on October 29; on the same day, ICE announced that it would invest in the company and plans to establish a regulated, around-the-clock perpetual futures exchange and clearinghouse in the United States, but regulatory approval is still required. Trade[XYZ] will be responsible for designing and deploying the trading products. The platform is expected to be accessed through brokers and futures commission merchants, and will implement identity and anti-money laundering checks. The new platform will be separate from the open HIP-3 market, while questions remain about the order book, liquidity, and clearing mechanisms.