Cboe submits product certification for bitcoin futures

Cboe submits product certification for bitcoin futures

Cboe submits product certification for bitcoin futures

When the CME announced that it would launch a bitcoin futures contract, some saw this a chance for the cryptocurrency to become more legitimate, since the trading and clearing will be regulated by the Commodity Futures Trading Commission (CFTC). CME is planning to list its bitcoin futures contract on December 18. 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.

"I think it is going to enable finally the approval of bitcoin ETFs, and other digital currency ETFs, which is game changing", Barry Silbert, founder and CEO of Digital Currency Group, said on CNBC's "Squawk Box".

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. Friday, bitcoin was trading near $10,100 before the news broke, and jumped above $10,650 afterward, according to CoinDesk.

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A federal regulator gave the go ahead on Friday to the CME Group to start trading bitcoin futures later this month, the first time the digital currency will be traded on a Wall Street exchange and subject to federal oversight.

"Bitcoin, a virtual currency, is a commodity unlike any the Commission has dealt with in the past", said CFTC Chairman J. Christopher Giancarlo.

In order to regulate trading, all three exchanges and the Commission will be heavily regulating trading, as well providing the Commission with additional surveillance information regarding the futures.

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"Nevertheless", Giancarlo added, "investors should be aware of the potentially high level of volatility and risk in trading these contracts".

Nasdaq Inc also plans to list a futures contract based on bitcoin in 2018, Reuters reported earlier this week.

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