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CBOE Announces Bitcoin Futures Trading, Starting Dec. 10

CBOE Announces Bitcoin Futures Trading, Starting Dec. 10

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. Several media outlets have suggested that the Nasdaq Stock Market will also soon begin trading futures of the digital currency, but the exchange has not yet confirmed that. The cryptocurrency is now trading at roughly $11,400, as per CoinDesk's Bitcoin Price Index (BPI).

The CME Group, which owns the Chicago Mercantile Exchange, will start trading bitcoin futures from December 18, the company said. Its price has jumped more than tenfold this year.

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

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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". Bitcoin's market capitalization reached $192.3 billion on Monday afternoon Beijing time, as the price of the cryptocurrency surged to $11,503, according to data provider CoinMarketCap. But there are a couple of differences between bitcoin futures trading at the two exchanges.

The price of bitcoin futures will be based on the price the digital currency is going for on four major bitcoin exchanges - Bitstamp, GDAX, itBit and Kraken.

The contracts will be cash-settled, and the price will be based on the daily auction price from Gemini, a cryptocurrency exchange based out of NY. The contracts will be subject to oversight by the Commodity Futures Trading Commission. In fact, this was the month when the bitcoin market faced one of its biggest challenges as the hard fork that was scheduled to happen during the middle of November, was cancelled and this led to some correction in the industry as the uncertainty that this event led to, brought in some confusion among the traders.


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