CME schedules bitcoin futures launch

02 December, 2017, 00:30 | Author: Elaine Woods
  • THeMerkle Moscow Stock Exchange Bitcoin Futures

The CME announcement came as the Commodity Futures Trading Commission said it will allow the world's largest futures exchange and its competitor, the Cboe Futures Exchange, to launch bitcoin contracts.

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 USA dollar price of bitcoin, said CME.

Cboe said they are "operational ready". On Wednesday, bitcoin smashed through $10,000 U.S. before rocketing past $11,000 United States less than 12 hours later to an all time-high of $11,395 USA, and then plunging around 20 percent in the hours that followed.

To guard against volatility, CME and CBOE will enact stricter-than-usual risk-management safeguards, including initial margin requirements of between 35 percent and 40 percent. "This opens up the doors to exchange traded funds and institutional money". It was last up 6.6 percent at $10,600.

The unique products will start trading on Monday, December 18, 2017, and offer investors the chance to bet on the price direction of bitcoin without needing physical access to the cryptocurrency.

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CFTC Chairman Christopher Giancarlo warned investors, however, that the nascent underlying bitcoin cash markets remained largely unregulated and mostly beyond the commission's purview. While CFTC approval isn't required, the regulatory body could have halted the CME's plans if it wasn't satisfied with the self-certification.

As trading on these DCMs evolves, the Commission will continue to assess whether further changes are required to the contract design and settlement processes and work with the DCMs to effect any changes.

The agency said the exchanges agreed to modify the derivatives contracts and promised to coordinate with the CFTC and each other to guard against market manipulation and other irregularities.

While CBOE is now under regulatory approval and review, CME has set to launch its bitcoin futures in less than three weeks on Monday, December 18, 2017.

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