Published: Sat, December 02, 2017
Markets | By Noel Gibbs

USA regulator to allow CME, CBOE to list bitcoin futures

USA regulator to allow CME, CBOE to list bitcoin futures

The U.S. Commodity Futures Trading Commission gave approval to Chicago Mercantile Exchange Inc.

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. Cantor Exchange also self-certified a new contract for bitcoin binary options, the commission said.

Bitcoin recovered back from its 20 percent plummet on Thursday back to $10,500, as it is now up 5.6 percent on Friday morning.

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A United States regulator cleared the way on Friday (Dec 1) for bitcoin futures to trade on major exchanges, but warned investors the digital currency is prone to elevated risk and volatility.

Under the self-certification process, which is a quirk of the futures market, an exchange confirms that the product complies with the Commodity Exchange Act and CFTC regulations, including a key provision that requires the contract is not susceptible to manipulation.

The derivatives marketplace operator will launch Bitcoin futures contracts in less than three weeks.

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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.

Christopher Giancarlo said after "extensive discussions with the exchanges" they "agreed to significant enhancements to protect customers and maintain orderly markets".

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

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Cboe said they are "operational ready". The activities will include monitoring and analyzing the size and development of the market, positions and change in positions over time, open interest, initial margin requirements, and variation margin payments.

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