USA regulator allows trading in Bitcoin related financial contracts

05 December, 2017, 02:11 | Author: Terri Saunders
  • USA regulator allows trading in Bitcoin related financial contracts

CME's nonmembers can trade the futures too, although they will be charged for higher service and exchange fees.

The price of bitcoin futures will be based on the price the digital currency is going for on four major bitcoin exchanges - Bitstamp, GDAX, itBit and Kraken. "We are committed to encouraging fairness and liquidity in bitcoin markets".

The price of bitcoin slumped 10.9 per cent from a record high of $US11,845 to $US10,550 before bouncing back to $US11,294 at 11am Perth time. CBOE's stock has run up 68% year to date, while the S&P 500 has gained 18%.

The launch of the first bitcoin futures contracts on a regulated USA exchange is expected to be a watershed moment for the cryptocurrency industry. The news comes after CME group announced last week that it would launch bitcoin futures on December 18. Its price has jumped more than tenfold this year.

USA regulator allows trading in Bitcoin related financial contracts
USA regulator allows trading in Bitcoin related financial contracts

The Chicago Mercantile Exchange (CME) has been beaten to the punch by the Chicago Board Options Exchange (CBOE) in bitcoin futures trading. The first bitcoin futures contracts on a regulated USA exchange are set to launch on Sunday.

"Given the unprecedented interest in bitcoin, it's vital we provide clients the trading tools to help them express their views and hedge their exposure".

CME and CBOE have also agreed to enter into data-sharing agreements, particularly on the settlement process, so the CFTC can conduct its own surveillance on the new financial contracts. Several media outlets have suggested that the Nasdaq Stock Market will also soon begin trading futures of the digital currency, but the exchange has not yet confirmed that.

The CBOE's announcement brings bitcoin one step closer to institutional traders, who are expected to be the primary customers for such trades.

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