Cboe Global Markets Inc. said Monday it will start trading bitcoin futures on December 10, after receiving the go ahead last week from USA futures regulator CFTC. Monday, December 11, will be the first full day of trading, and trading will be free through December.
CME Group said trading would be available on its CME Globex electronic trading platform from 18 December.
CME's bitcoin futures will be based on a "Bitcoin Reference Rate", which will be a "a once-a-day reference rate" based on the US-dollar price of the coins.
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The move will subject some of the bitcoin market to federal regulation for the first time. It was trading Friday at around $10,500, after being worth roughly $1,000 at the beginning of the year. Consequently, Cboe will become the first US exchange to support trading for a cryptocurrency-derived futures product.
Bitcoin has gained more mainstream attention lately as its price has soared on the private exchanges.
Naeem Aslam, Think Markets analyst, said that the reports Britain wants to hike regulation of bitcoin and other digital currencies.
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"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", stated Ed Tilly, CEO of CBOE.
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. But there are a couple of differences between bitcoin futures trading at the two exchanges. Bitstamp, GDAX, itBit and Kraken are the constituent exchanges that now contribute the pricing data for calculating the BRR.
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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