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CFTC Urges Bitcoin Exchanges Surveillance to Prevent Futures Manipulation

02 Diciembre 2017

"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.

A United States federal regulator on Friday gave the go ahead to the CME Group Inc to start trading bitcoin futures later this month, the first time the digital currency is to be traded on a Wall Street exchange and subject to federal oversight.

Still, putting futures contracts on highly scrutinized US exchanges could convince other regulators to allow more cryptocurrency-derived products such as exchange-traded funds.

The CFTC said it had "rigorous" discussions with the Merc during the past six.

Under CFTC regulations, designated contract exchanges such as CME and CBOE's CFE do not need the commission's prior approval to list products for trading.

The reveal comes just weeks after CME indicated via its website that it would launch the product on December 11, before retracting the remarks. The CME is also addressing margining, at the request of CFTC staff. "So this first step is a very big step into what I see as a growing market".

The futures will be cash-settled, meaning that no actual bitcoins change hands at the expiration of the contracts.

Cboe Global Markets Inc. will also be dealing with the cryptocurrency, but hasn't said when it will start.

The futures contracts will make it possible to bet on bitcoin prices without buying the cryptocurrency.

CME contracts will include circuit breakers set at 7 per cent and 13 per cent up or down, with limits that prevent the contract trading more than 20 per cent above or below the previous day's BRR close. The futures contracts offered by establishment firms could open the door to wider participation in bitcoin trading by other Wall Street firms.

Bitcoin, which had been trading at around $10,150 U.S. on the Luxembourg-based Bitstamp exchange before the news, jumped following the news, leaving it up more than six per cent on the day. It was trading Friday at around $10,500, after being worth roughly $1,000 at the beginning of the year.

CFTC Urges Bitcoin Exchanges Surveillance to Prevent Futures Manipulation