Bitcoin futures trading gets the green light from US regulators

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According to Business Insider

cme cbot traders
REUTERS/John Gress

  • Bitcoin
    futures trading can go ahead on three US exchanges, the
    Commodity Futures Trading Commission said on Friday.
  • Futures contracts give traders a way to bet on bitcoin
    prices and earn profits without buying the actual
  • Bitcoin has surged nearly 1,000% against the dollar
    this year as its popularity has grown.
  • The Chicago Mercantile Exchange says it will launch its
    bitcoin futures contracts on December 18.

The US Commodity Futures Trading Commission on Friday said
it would allow bitcoin
futures trading on three exchanges.

In a statement, the CFTC said the Chicago Mercantile Exchange and
the CBOE Futures Exchange self-certified new contracts for
bitcoin futures products. The Cantor Exchange self-certified a
new contract for bitcoin binary options.

The futures contracts will make it possible to bet on bitcoin
prices without buying the cryptocurrency. Both CBOE and CME have
said their bitcoin futures products will settle in cash.

has gained nearly 1,000% against the dollar this year amid
growing interest from retail traders and big-money managers. The
futures contracts offered by establishment firms could open the
door to wider participation in bitcoin trading by other Wall
Street firms.

The CFTC’s decision came with the warning that bitcoin remains a
largely unsupervised market.

“Bitcoin, a virtual currency, is a commodity unlike any the
commission has dealt with in the past,” J. Christopher Giancarlo,
the CFTC’s chairman, said in a statement.

“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.”

its initial listing of bitcoin futures would launch on
Monday, December 18.

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This article and images were originally posted on [Business Insider] December 1, 2017 at 08:51AM. Credit to Author and Business Insider | ESIST.T>G>S Recommended Articles Of The Day





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