Bitcoin rebounds after USA regulator approves futures

Bitcoin rebounds after USA regulator approves futures

Bitcoin rebounds after USA regulator approves futures

CME is planning to list its bitcoin futures contract on December 18.

Cboe Global Markets Inc. will also be dealing with the cryptocurrency, but hasn't said when it will start.

In a press announcement, CME said it has self-certified the initial listing of the product and that it has received approval from the U.S. Commodity Futures Trading Commission (CFTC) to do so. On Wednesday, bitcoin smashed through $10,000 United States before rocketing past $11,000 U.S. less than 12 hours later to an all time-high of $11,395 USA, and then plunging around 20 percent in the hours that followed. "This opens up the doors to exchange traded funds and institutional money".

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. It was last up 6.6 percent at $10,600.

Christopher Giancarlo said after "extensive discussions with the exchanges" they "agreed to significant enhancements to protect customers and maintain orderly markets".

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Under CFTC regulations, designated contract exchanges such as CME and CBOE's CFE do not need prior approval from the commission to list products for trading.

"We expect that the futures exchanges, through information sharing agreements, will be monitoring the trading activity on the relevant cash platforms for potential impacts on the futures contracts' price discovery process, including potential market manipulation and market dislocations due to flash rallies and crashes and trading outages." added Giancarlo. Instead, they only have to file a written self-certification with the regulator.

Still, at launch, Duffy explained the bitcoin futures product will be subject to risk management tools, including a margin of 35 percent, position and intraday price limits.

CME has been vying with CBOE to introduce the first bitcoin-related financial product.

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