When the CMEGroup, the world's largest derivatives exchange operator, revealed on October 31 it was going to offer Bitcoin futures, the announcement was treated with a strong degree of institutional interest, particularly following an announcement by CBOE Global Markets that they, too, would be offering Bitcoin derivatives. It appears that the momentum is unstoppable and we do think that the 14K level could reach before the bitcoin futures start trading at the CBOE which is on the 11 December.
On Friday, December 1, the Commission on urgent exchange trade of the US allowed both exchanges to begin futures trading is to Bitcpin.
Cboe Global Markets Inc. said Monday it will start trading bitcoin futures on December 10, after receiving the go ahead last week from United States futures regulator Commodity Futures Trading Commission (CFTC).
Cboe's bitcoin futures contract will trade under the ticker symbol "XBT" and will be cash-settled based on the auction price from cryptocurrency exchange Gemini, Cboe said on Monday. The question was related to the department's efforts to regulate the cryptocurrency market. The argument may be helped by two features that will be a part of the bitcoin futures: price limits and margin rates. Still, he said the firm designed the product to ensure it'll provide the best, most liquid market. "With other products we've gone back, we've redesigned, we've relaunched".
Terry Duffy, the chief executive of CME, said the path forward for bitcoin futures is relatively uncertain. As the news service explained, this would constitute a first step toward pushing for a change in Japanese national law that would clear the runway for a bitcoin future. They may determine that their own cryptocurrency, with the backing of something tangible through an organized regulatory structure, is more appropriate and create their own version of Bitcoin. As of now, Bitcoin is highly volatile but on a short term basis. This represents an increase of more than 1,200% in 2017 alone. If that limit is hit, trading can only continue at or within the +/- 20 per cent limit for the remainder of the trading session.
However, we saw the price sell off on Monday, on the initial announcement of the United Kingdom regulations, a while back we saw the price sell off even more significantly when China announced its ban on exchanges and ICO's.
But Mr. Sprecher voiced doubts about the wisdom of being the first USA exchange to offer bitcoin futures.
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