Economy

CBOE beats CME to bitcoin futures launch with Dec 10 start

CBOE beats CME to bitcoin futures launch with Dec 10 start

As per the analysts, the main derivatives of United States regulates that it would permit CME Group Inc and CBOE Global Markets to list bitcoin futures contracts, which had turned sentiment positive after a choppy week. "We are committed to encouraging fairness and liquidity in bitcoin markets".

CME Group has listed a bitcoin futures contract, to start on 18 December.

On Friday a United States federal regulator gave the go ahead 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. The cryptocurrency is now trading at roughly $11,400, as per CoinDesk's Bitcoin Price Index (BPI).

The cryptocurrency was last up 0.4 percent at $11,290.

The launch confirmation comes months after the Chicago-based exchange first detailed its plans to create a bitcoin futures product. But there are a couple of differences between bitcoin futures trading at the two exchanges.

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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. "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", said CBOE Chief Executive Ed Tilly.

Cboe is working with online brokerages to allow retail investors to start trading its bitcoin futures as soon as possible, a spokeswoman for the company said.

The Commodity Futures Trading Commission said it had discussions with the exchanges to protect consumers from extreme price swings.

Bitcoin's rapid rise from less than US$800 in December previous year to more than US$11,000 this week on Coindesk has stoked fears that it is a pricing bubble that could leave recent investors worse-off.

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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