Nasdaq Ventures backs One Trading in derivatives push

Nasdaq Ventures has made a strategic investment in One Trading, linking the exchange operator's venture arm with a European regulated derivatives venue led by former J.P. Morgan Fintech Executive Joshua Barraclough.

Alongside the investment, the companies will explore potential work on derivatives market infrastructure, including 24/7 trading of equity futures and expanding products such as long-dated futures.

One Trading operates a MiFID II-regulated Organised Trading Facility in the Netherlands and holds a crypto-asset service provider licence under the EU's MiCA regime. The group has positioned itself around market models that operate continuously rather than within fixed exchange hours.

Nasdaq Ventures said the investment fits its focus on technologies linked to shifts in global capital markets. For One Trading, the backing provides a path to work with a major market operator as it seeks to push always-on structures further into regulated derivatives trading.

Infrastructure focus

At the centre of the partnership is One Trading's platform, which combines trading, risk management and settlement in a single system. The company says the model is designed to support cross-collateral netting, continuous settlement and automated liquidations while reducing the amount of margin tied up in the market.

This structure differs from traditional derivatives market arrangements, where clearing, risk functions and settlement are often split across multiple entities and processes. One Trading says its setup also removes the need for a mutualised default fund, a feature commonly used in established clearing systems.

The proposed collaboration would combine Nasdaq's market infrastructure and distribution experience with One Trading's technology stack and EU regulatory permissions. The companies did not disclose the investment size.

Always-on markets

The deal comes as exchange groups, trading venues and market technology firms assess whether round-the-clock access, common in digital asset markets, can extend to more traditional asset classes. Equity futures are one area of interest as market participants seek more flexibility to manage risk outside standard trading hours.

Supporters of 24/7 trading argue that continuous markets can better reflect global news flow and investor demand across time zones. Critics, however, have raised questions about staffing, surveillance, liquidity quality and whether core post-trade systems can support an uninterrupted model at scale.

One Trading has sought to address part of that debate by presenting itself as a regulated venue that borrows features more commonly associated with digital asset markets while operating under European oversight. Its authorisation in the Netherlands provides a regulated framework for derivatives access in the region.

Joshua Barraclough, Chief Executive Officer of One Trading, said the investment aligns with a broader shift in how derivatives venues are built and operated. Barraclough, who previously worked at J.P. Morgan, has been one of the more prominent advocates of applying digital market structure ideas to regulated financial products.

"Nasdaq Ventures shares our belief that markets must continue to evolve to better support clients' liquidity and capital needs," Barraclough said.

"We believe the future of derivatives markets will be shaped by advances in technology, risk management and market infrastructure that make markets more efficient, responsive and resilient. Together, we see an opportunity to explore new approaches to derivatives innovation and help define the next generation of market infrastructure."

Market signal

For Nasdaq, the transaction also signals interest in market models that move beyond conventional exchange schedules. While the group is best known for equities and market technology, its venture arm has invested across areas tied to trading, post-trade systems and capital markets structure.

The partnership may also draw close attention from rivals and institutional users because it brings together a large incumbent exchange operator and a newer European venue seeking to rework the mechanics of derivatives trading. If the collaboration progresses, it could test whether continuous access can be adapted for more mainstream listed products under regulated conditions.

Gary Offner, Global Head of Nasdaq Ventures, said the investment reflects a broader search for market technologies that address liquidity and transparency. He said One Trading's design stood out because it integrates several market functions that are usually handled separately.

"At Nasdaq Ventures, we look for teams building disruptive technologies that are uniquely positioned to expand liquidity and transparency while addressing market participants' needs - advancing the modernisation of capital markets," Offner said.

"One Trading has developed a differentiated approach to integrating trading, risk management and settlement, and we believe the company is well positioned to play an important role in the evolution of derivatives markets."