Published: Sat, December 02, 2017
Money | By Michele Stevens

United States regulator to allow CME, CBOE to list bitcoin futures

United States regulator to allow CME, CBOE to list bitcoin futures

Cboe Global Markets says Cboe Futures Exchange (CFE) has filed a product certification with the Commodity Futures Trading Commission (CFTC) to offer bitcoin futures trading.

"We are pleased to bring Bitcoin futures to market after working closely with the CFTC and market participants to design a regulated offering that will provide investors with transparency, price discovery, and risk transfer capabilities", said Terry Duffy, CME Group Chairman and Chief Executive Officer.

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The decision opens the door for the Chicago Mercantile Exchange and CBOE Futures Exchange to offer contracts for futures of the virtual currency, rather than trading the actual currency.

The agency said the exchanges agreed to modify the derivatives contracts and promised to coordinate with the CFTC and each other to guard against market manipulation and other irregularities.

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Bitcoin rebounded on Friday to hit the day's highs above $10,500 United States, recovering from an earlier dip below $9,500 USA, after the U.S. derivatives regulator said it would allow CME Group and CBOE Global Markets to list bitcoin futures. CME first announced its intentions to launch a Bitcoin futures product on October 31, 2017. The CFTC will monitor markets and work closely with the exchanges to avoid systemic risk and to protect market users and their funds, consumers and the public from fraud, manipulation and abusive practices related to products that are subject to the Commodity Exchange Act. CME and CBOE have also agreed to enter into information-sharing agreements and to send the CFTC data on the settlement process so the regulator can conduct its own surveillance.

The press release stated: "Commission staff held rigorous discussions with CME over the course of six weeks, CFE over the course of four months, and had numerous calls with Cantor". CBOE has not yet set a launch date but has said it plans its listing by year-end. Bitcoin prices have surged more than tenfold this year and earlier this week moved past $11,000 before dropping.

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