Bitcoin futures begin trading on world's biggest exchange

Bitcoin futures begin trading on world's biggest exchange

The CME Group began trading for bitcoin futures last night, and the beginning of the offering was not auspicious: prices opened at $20,650 and fell 3.8% during the evening to $18,760, before another small rise. CBOE conversely had quite a price disparity of around 13% when their futures were launched last Sunday. It helped to provide XBT contract from Cboe Global Markets traded on its Cboe Futures Exchange (CFE).

CME Group and Crypto Facilities will involve in the calculation and publication of BRR, which combines the trade flow of major Bitcoin spot exchanges during a calculation window into the USA dollar price of one Bitcoin. Its most-active contract changed hands 221 times in the first hour versus 570 during Cboe's debut.

If the move passes, the futures contracts would be traded on Europe's largest derivatives exchanges, the Eurex Exchange. TD Ameritrade, a major brokerage for retail traders, will allow buying and selling of bitcoin futures. CBOE's future prices went as much as 13 percent above that of bitcoin in its first day of trading. The king of crypto inched up to just over $20k just before the trading doors were opened at CME.

Bitcoin was set up in 2008 by an individual or group calling itself Satoshi Nakamoto, and was the first digital currency to successfully use cryptography to keep transactions secure and hidden, making traditional financial regulation hard if not impossible.

Image: CME Group has launched Bitcoin futures trading.

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Current eligible and newly funded TradeStation futures account holders can trade on both the CFE and CME Bitcoin futures contracts. So in notional terms, 5125 Bitcoins traded at the CME today, compared to 3751 at the CBOE.

Based on the CME CF Bitcoin Reference Rate (BRR), the new CME contract is cash-settled in USA dollars. Option Clearing has a margin requirement of 44 percent to clear contracts at CBOE.

"Introducing futures contracts in the United States was meant to give short-sellers access to the market and improve liquidity, but availability is still fairly restricted".

The margin requirement at CME is 35 per cent, while at Cboe, it is 40 per cent, reflecting bitcoin's volatility.

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