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CME Group sets date for Bitcoin futures launch
05 December 2017, 01:46 | Cedric Leonard
CBOE to Begin Bitcoin Futures Trading on December 10
The CME Group, which owns the Chicago Mercantile Exchange, will start trading bitcoin futures from December 18, the company said.
Chicago-based CBOE said trading will start on its CBOE Futures Exchange at 5 p.m Central Time on Sunday, the beginning of global trading hours, with December 11 being the first full day.
The Commodities Futures Trading Commission, the primary regulator for exchanges like the CME, gave approval for the exchange to create bitcoin futures after six weeks of discussions. (NASDAQ:) has said its contracts will begin trading December 18.
Cryptocurrency that trades 24 hours a day and seven days a week, climbed as high as $11,799.99 on the Luxembourg-based Bitstamp exchange.
The price of bitcoin slumped 10.9 per cent from a record high of $US11,845 to $US10,550 before bouncing back to $US11,294 at 11am Perth time.
The fact that this price was achieved much before the end of the year and that the prices overshot this region to move beyond the $11,000 region during the month was a sample of how strong this bull run has been during the month of November.
"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". The first bitcoin futures contracts on a regulated US exchange are set to launch on Sunday.
Nasdaq Inc also plans to list a futures contract based on bitcoin in 2018, Reuters reported last week. But there are a couple of differences between bitcoin futures trading at the two exchanges. 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.
Denis Baranov, a principal consultant at technology consultancy DataArt, says some bitcoin exchanges already offer futures, but the support of a major exchange could boost bitcoin's legitimacy. One bitcoin was worth just a fraction of a penny when it started trading in 2010, and by the start of this year was worth $1,000.
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