Cboe Beats CME to Bitcoin Futures Launch With Dec. 10 Start

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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 CEO is optimistic about bitcoin futures trading at CME as he stressed that they have worked closely with CFTC and interested parties to come up with a system that will provide investors with transparency, price discovery and risk transfer capabilities.

Naeem Aslam, Think Markets analyst, said that the reports Britain wants to hike regulation of bitcoin and other digital currencies.

CME's bitcoin futures will be based on a "Bitcoin Reference Rate", which the company describes as "a once-a-day reference rate" based on the US-dollar price of the coins. CBOE's stock has run up 68% year to date, while the S&P 500 has gained 18%.

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The Chicago Mercantile Exchange also said Friday that it will start offering bitcoin futures trading on December 18. Its price has jumped more than tenfold this year. CME Group and CBOE Global Markets exchanges will offer investors Bitcoin futures from later this month. The first bitcoin futures contracts on a regulated USA exchange are set to launch on Sunday. The cryptocurrency is now trading at roughly $11,400, as per CoinDesk's Bitcoin Price Index (BPI).

Due to its volatility, bitcoin futures will be subject to higher margin levels and intraday price limits, the CME said. Of course, this requires the approval of the regulators, which is likely to be a big challenge, but this also throws open the doors for the launch of bitcoin futures in other major exchanges which is likely to help the bitcoin market to continue to mature in a quick manner.

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

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