CBOE to launch bitcoin futures trading Sunday

CFTC rule enforcement
Cboe announces bitcoin futures to start trading Sunday
Author

05 December, 2017

"Although we have worked through a lengthy, comprehensive process with the CFTC (Commodity Futures Trading Commission) to get to this point, we recognize bitcoin is a new, uncharted market that will continue to evolve, requiring continued collaboration with the Commission and our clients going forward", Terry Duffy, CME Group chairman and CEO, said in the statement.

Naeem Aslam, Think Markets analyst, said that the reports Britain wants to hike regulation of bitcoin and other digital currencies.

Official trading and full day trading of the futures will begin on December 11, and trading will be free through December.

That gives Cboe a head start on CME Group Inc., its larger crosstown rival, which plans to launch its own bitcoin futures on december 18. The cryptocurrency is now trading at roughly $11,400, as per CoinDesk's Bitcoin Price Index (BPI).

CME Group's Bitcoin futures will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR) which serves as a once-a-day reference rate of the US dollar price of bitcoin.

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The cryptocurrency was last up 0.4 percent at $11,290.

According to the official release, CME Group has self-certified the initial listing of its Bitcoin futures contract, which will be listed on and subject to the rules of CME.

CME's bitcoin futures will be based on a "Bitcoin Reference Rate", which will be a "a once-a-day reference rate" based on the US-dollar price of the coins. At the time in August, the CBOE was working with New York-based bitcoin exchange Gemini, which is run by investors Cameron and Tyler Winklevoss, ahead of the launch.

The CBOE's announcement brings bitcoin one step closer to institutional traders, who are expected to be the primary customers for such trades. CBOE said the move comes as the total value of bitcoin outstanding has grown from less than $1 billion to over $183 billion over the last five years, with daily turnover at over $10 billion.


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