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2019-10-02 15:17:06




News

CHICAGO MERCANTILE EXCHANGE REFUSES TO LAUNCH DELIVERABLE BITCOIN FUTURES

CME Group noted

min to read

2019-10-02 15:17:06

Confirming its intention to launch options on bitcoin, the Chicago Mercantile Exchange (CME Group) noted that it would not follow the path of a competitor such as the Bakkt platform and would refuse to trade in deliverable futures. Tim McCourt, Director of Alternative Investment Products at CME Group, said this in an interview with Markets Media.

Confirming its intention to launch options on bitcoin, the Chicago Mercantile Exchange (CME Group) noted that it would not follow the path of a competitor such as the Bakkt platform and would refuse to trade in deliverable futures. Tim McCourt, Director of Alternative Investment Products at CME Group, said this in an interview with Markets Media.

 

“Since the launch of bitcoin futures in December 2017, our customers have been most interested in options for these futures,” he said.

 

 

The CME Group's bitcoin futures calculation is in fiat, and the company will follow the same approach in respect to options. According to McCourt, based on the needs of customers in the development of new products, the company does not plan to launch supply contracts for bitcoin.

 

Since the launch of bitcoin futures, CME has attracted more than 3,300 individual investors. This year, on average, the company has daily processed about 7 thousand contracts for a total of 35,000 BTC.

 

According to McCourt, new options can use existing technology, an application matching engine and clearing mechanisms. Currently, the exchange is conducting standard instrument testing procedures.

 

“Institutional interest in bitcoin is growing, but investors need time to get to know the market and get permission to use new products,” he said.

 

The fact that the CME Group line of cryptocurrency derivatives will have options for bitcoin, was first announced in early September.

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