CME Group self-certifies listing of bitcoin futures contract

CME Group self-certifies listing of bitcoin futures contract

CME Group self-certifies listing of bitcoin futures contract

The CME Group, which owns the Chicago Mercantile Exchange, will start trading bitcoin futures from December 18, the company said.

The settlement price, to be called the CF Bitcoin Reference Rate, will be based on the volume-weighted average price of trades between 3:59 p.m. and 4 p.m. London time every business day, CME said.

The move is clearly meant to steal the thunder from fellow Chicago derivatives exchange CME, which announced on Friday that it will list bitcoin futures on December 18.

To view the full article, register now. 10, with the first full day of trading set for December 11, the firm said Monday.

Bitcoin trading markets seem to have already priced the CBOE's move into their assessment of the cryptocurrency's price.

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Bitcoin has taken another step toward the financial mainstream, after a United States regulator said it would let two traditional exchanges begin trading in Bitcoin-related financial contracts.

Bitcoin hit a record above US$11,400 last Wednesday, but then lost 20% of its value in the following 24 hours.

The new contract will be listed on, and subject to the rules of, CME.

One of the key points about bitcoin futures trading is that there will be no handling of bitcoin at all and the futures will be cash-settled. "We are committed to encouraging fairness and liquidity in the bitcoin market", said Ed Tilly, chairman and CEO of Cboe Global Markets, in a statement. At the time in August, the CBOE was working with New York-based bitcoin exchange Gemini, which is run by investors Cameron and Tyler Winklevoss, ahead of the launch. To ensure minimal impact on markets due to bitcoin's price swings, traders will have to pay 33 percent of their trade's price upfront as compared to the 35 percent for CME bitcoin futures trades. CBOE has already expressed its desire to list these products, and - just this week - The Wall Street Journal reported Nasdaq Inc. hopes to list bitcoin futures on one of its USA exchanges during the first half of 2018.

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