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Market Daily Report: Bursa Malaysia Ends Lower as Investors Eye US Data, BOJ Decision

KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week.   At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day.  The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
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Nasdaq Seeks SEC Approval for Bitcoin Index Options

Nasdaq has officially requested approval from the U.S. Securities and Exchange Commission (SEC) to introduce and trade options on a bitcoin index, marking a significant step toward expanding the financial products available for cryptocurrency investment. This move follows the introduction of exchange-traded funds (ETFs) tied to spot bitcoin prices earlier this year, although the SEC has yet to approve options on these individual ETFs, including Nasdaq’s application to trade options on BlackRock’s iShares Bitcoin Trust ETF.

Key Points:

  1. Expanding Bitcoin Derivatives: The proposed Nasdaq Bitcoin Index Options would be listed derivatives that track the CME CF Bitcoin Real-Time Index, offering institutional investors and traders a new method to hedge or amplify their exposure to bitcoin. This development could significantly enhance liquidity in the bitcoin market by providing a broader range of financial instruments.

  2. Importance of Options in Market Normalization: Matt Hougan, Chief Investment Officer of Bitwise, emphasized the importance of bitcoin options for fully normalizing this asset class. Options allow traders to leverage their purchasing power at a lower cost, while institutional investors often use them to manage risk. The availability of these options is seen as a crucial component of a mature and liquid bitcoin market.

  3. Regulatory Hurdles and Market Adaptation: While Nasdaq awaits the SEC's decision, traders have been using other financial products, such as leveraged ETFs tied to bitcoin, to gain exposure. Exchanges initially filed for options on spot bitcoin ETFs immediately after the SEC approved the underlying ETFs in January but have since had to withdraw and refile applications due to SEC feedback.

In summary, Nasdaq's push for bitcoin index options represents a significant advancement in the cryptocurrency market's development, potentially offering new tools for investors and increasing market liquidity, pending regulatory approval from the SEC.

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