Bitcoin derivatives makes smooth debut on CME

Bitcoin derivatives makes smooth debut on CME

Bitcoin derivatives makes smooth debut on CME

They were triggered in the initial hours of their trading as the January contract rose as much as 26 percent. It helped to provide XBT contract from Cboe Global Markets traded on its Cboe Futures Exchange (CFE). Gabor Gurbacs of VanEck Associates Corp. said: "One of the biggest issues when it comes to investing institutionally in digital assets is banks and larger institutions can't hold an unregulated instrument in their balance sheet, and a futures contract is something they can hold".

If the move passes, the futures contracts would be traded on Europe's largest derivatives exchanges, the Eurex Exchange.

Spot bitcoin eased 1.9 per cent on the Bitstamp exchange to $18,650, after surging to a record high of $19,666 on Sunday.

For one, Eurex will likely need a more robust online platform as CBOE saw outages following its release on December 10.

With its need for "further analysis", Ally Invest joins several other financial firms who are now not offering their clients access to bitcoin futures, including mutual fund company Fidelity Investments and Charles Schwab.

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The reference price, from which price limits are set, is US$19,600 for the February contract, US$19,700 for March and US$19,900 for June, according to CME. "The CME futures are trading at a premium to Cboe futures, but the premium has come in a bit since the open", See said.

Early volumes have been light, and a short time ago around 460 contracts had changed hands on the most actively traded one-month forward contract.

Last week, TD Ameritrade Holding Corporation said that it will offer CBOE's contracts starting today but will hold on the CME contracts until they demonstrate sufficient liquidity. Option Clearing has a margin requirement of 44 percent to clear contracts at CBOE.

For more information about bitcoin futures, read Level Trading Field CEO Lanre Sarumi's three-part CoinDesk series exploring the topic.

"I'm not totally convinced that this offers a clear enough link to enable people to play the short side and still reap the financial benefit at settlement", Jeremy Goldwyn, a managing director at Hong Kong-based commodities and financial futures brokerage Bands Financial Ltd., told Bloomberg.

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