Nasdaq supports One Trading, and the trading prospects of 24/7 stock index futures are approaching..

Nasdaq Ventures strategically invests in European derivatives trading platform One Trading to explore all-weather stock trading infrastructure

Nasdaq Ventures has made a strategic investment in European derivatives trading platform One Trading, giving the exchange operator another foothold in the emerging "all-weather" stock trading infrastructure market. The two parties did not disclose the specific size or terms of the investment, but said the transaction will lay the foundation for future cooperation, combining Nasdaq's advantages in market infrastructure, distribution channels and customer relationships with One Trading's low-latency trading and risk management technology.

The investment comes as One Trading expands its business from cryptocurrency derivatives to futures linked to U.S. stocks; at the same time, Nasdaq itself is promoting stock tokenization through a number of measures and market infrastructure construction to extend trading hours.

What exactly is Nasdaq investing in?

The core of One Trading's building of its derivatives platform is a single deterministic engine that integrates functions such as order matching, margin management, risk control, clearing and clearing rather than decentralizing these functions among multiple infrastructure providers. The platform supports continuous settlement, cross-collateral netting and automatic clearing mechanisms. One Trading pointed out that this structure reduces the amount of margin participants need to lock in and eliminates the requirement for joint default funds. This architecture is completely different from traditional listed derivatives markets, where execution, clearing and settlement often involve different systems and institutions. One Trading is essentially trying to introduce the operating model developed in cryptocurrency derivatives into regulated European market structures.

In July 2024, the company obtained the Organized Trading Facility (OTF) license issued by the Dutch Financial Markets Authority (AFM) and established a perpetual futures trading platform that complies with the EU Markets in Financial Instruments Directive II (MiFID II). Subsequently, AFM further expanded the scope of its license to include derivatives referenced to certain U.S. common stocks.

Investor Points

What Nasdaq supports is not just the exposure of another retail trading platform, but the infrastructure behind round-the-clock derivatives trading.

Why are stock futures at the heart of trading?

One Trading 正在将其模式从加密货币扩展到传统资产。目前，其提供的产品包括与英伟达、特斯拉、亚马逊、Alphabet、微软和 Meta 等公司相关的杠杆期货，且交易时间超出了传统的美国股票市场时段。该平台使用专为非传统交易日结束即停市的市場设计的连续风险管理和结算基础设施。因此，其股票产品为测试加密货币式市场机制能否转移到参考传统证券的受监管衍生品市场中提供了早期试验场。

纳斯达克和 One Trading 表示，他们将探讨扩大可用产品组合的方法，包括长期限期货。首席执行官 Joshua Barraclough 表示，公司打算拓宽其受监管欧洲交易平台上可交易的品种，并调查其市场结构在其他领域的应用潜力。该模式还引入了不同的资本效率方法。更快的结算可以减少交易对手之间无担保敞口的持续时间，尽管最终的经济效益取决于流动性、抵押品要求以及在底层现金股票市场休市期间定价的稳定性。

One Trading 如何契合纳斯达克更广泛的战略？

如果结合纳斯达克今年进行的其他投资来看，这笔交易显得不那么孤立。9月，纳斯达克风投同意向 Kraken 母公司 Payward 投资1亿美元，以深化双方在股票代币化和全天候市场方面的工作。

The investment also includes a collaboration on Nasdaq Equity Tokens and the use of Nasdaq's market monitoring technology at the Payward trading venue. The two deals address different aspects of similar issues: Payward focuses on placing stocks on top of a tokenized infrastructure, while One Trading provides regulated derivatives that can reference traditional assets and operate on a near-continuous basis. Both methods challenge the assumption that exposure to listed stocks must follow the opening times, settlement cycles and infrastructure boundaries of the underlying stock exchange.

Investor Points

Nasdaq now has strategic exposure to both tokenized stocks and all-weather derivatives, giving it flexibility in choosing which model to be adopted first.

What factors will make this model meaningful for traditional markets?

This investment does not mean that Nasdaq has agreed to deploy One Trading's technology on its own exchange. The two companies described future cooperation as a "matter to be explored" and have not yet announced an implementation timetable. Liquidity will also determine whether continuous equity futures become meaningful markets or simply serve as a niche source of leveraged exposure. Trading during closed periods in the underlying stock market creates additional challenges in terms of reference prices, bid-ask spreads and market monitoring. One Trading has invested resources in compliance, including establishing a market monitoring partnership with Solidius Labs.

因此，纳斯达克投资的战略重要性不仅在于资金本身，更在于其所验证的理念。一家现有的交易所运营商正在审视一种衍生品架构，在该架构中，执行、风险和结算在一个紧密集成的系统中连续运行。如果这种结构在向股票领域扩展时能够维持流动性和监管保障措施，该技术最终可能与传统期货市场数十年来依赖的部分基础设施形成竞争。