Bitcoin Price Rallies to $10760 After CME Futures Get Launch Date

02 December, 2017, 00:33 | Author: Terri Saunders
  • Barron's On Why Bitcoin Has Stormed Wall Street

The launch date of CBOE's bitcoin futures, which will trade under the ticker symbol XB, will be announced shortly.

The announcement by the Commodity Futures Trading Commission paves the way for CME and CBOE to become the first traditional US regulated exchanges where bitcoin-related financial contracts can trade, a move that will lead to increased regulatory scrutiny of the biggest and best-known digital currency.

"Bitcoin, a virtual currency, is a commodity unlike any the commission has dealt with in the past", says Christopher Giancarlo, CFTC chairman, in a statement.

"We are pleased to bring bitcoin futures to market after working closely with the CFTC and market participants to design a regulated offering that will provide investors with transparency, price discovery, and risk transfer capabilities."

The derivatives marketplace operator will launch Bitcoin futures contracts in less than three weeks. "At launch, our new Bitcoin futures contract will be subject to a variety of risk management tools, including an initial margin of 35 percent, position and intraday price limits, and a number of other risk and credit controls that CME Group offers on all of its products".

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The exchanges assured the CFTC that the new products complied with the rules under a process of self-certification.

Under CFTC regulations, designated contract exchanges such as CME and CBOE's CFE do not need prior approval from the commission to list products for trading.

Cboe said they are "operational ready".

These new derivatives open the doors for institutional investors, as well as introducing the possibility of more cryptocurrencies becoming available in the future. 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.

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