(Reuters) – Cboe Global Markets Inc will launch its bitcoin futures contract on December 10, just a week ahead of rival CME Group Inc, as the stockbroker takes the next step towards launching a Quoted fund based on digital currency.
The price of Bitcoin has been multiplied tenfold this year, which has led many participants to warn of a bubble that exceeded $ 11,000 for the first time last week.
Bitcoin futures and other derivatives would facilitate more investors and speculators to exchange the new badet clbad.
Cboe's bitcoins futures contract will be traded under the quote symbol & # 39; XBT & # 39; and will be settled in cash based on the auction price of the Gemini cryptocurrency exchange, Cboe said Monday. (reut.rs/2BvXvwu)
CME's bitcoin futures contract will be launched on December 18, available for trading on the CME Globex e-commerce platform, the world's largest derivatives exchange said on Friday.
Cboe and CME received approval from the Commodity Futures Trading Commission to list bitcoin futures on Friday after rival exchanges were able to demonstrate that their proposals met the necessary regulatory requirements.
The exchanges also had to agree to work together to monitor manipulation, instant meetings, trade disruptions and other structural problems in the bitcoin cash market, largely unregulated.
Once the liquidity is based on the future CBOE bitcoin contract and the exchanges can show how their underlying market supervision works, Cboe plans to re-apply to the US Securities and Exchange Commission. UU To launch a bitcoin ETF, CEO Ed Tilly said in an interview on Friday.
So far, the SEC has not allowed bitcoin-based ETFs in the CBOE or elsewhere, in part because of concerns about the unregulated aspect of bitcoin.
To help protect against excessive volatility, both Cboe and CME plan to have intraday price limits and initial margin rates of 30 and 35 percent, respectively.
Nasdaq Inc also plans to include a futures contract based on bitcoin in 2018, Reuters reported last week.
The cryptocurrency rose 0.4 percent to $ 11,290.
Report by John McCrank in New York and Aparajita Saxena in Bengaluru; Edition of Shounak Dasgupta and Andrew Hay