CME says bitcoin futures coming this year, but date not set

NEW YORK (Reuters) - CME Group Inc, the world’s biggest futures exchange, said on Monday it still plans to launch a futures contract for bitcoin this year, but that a notice on its website stating the contract would begin trading on Dec. 11 was posted in error.

As bitcoin passed above the $8,000 level for the first time on Monday, cryptocurrency-related websites were abuzz with news of the CME notice that said the CME Bitcoin Futures contract would become effective on Dec. 10, a Sunday, for trading on Dec. 11, pending regulatory review.

But the notice was later removed from CME’s website and Laurie Bischel, a spokeswoman for the exchange operator, said the original posting “was due to an error with the website,” without giving further details.

CME is vying with rival Cboe Global Markets Inc to launch the first bitcoin-related financial product on a traditional, regulated exchange. [nL4N1N65PG]

Bitcoin is notoriously volatile and has risen in price by almost 50 percent in just the last days, prompting multiple warnings of a bubble. [nL8N1NQ49H]

To help rein in some of that volatility, CME will not allow the trading of bitcoin futures at prices 20 percent above or below the settlement price from the previous day, according to the exchange’s website.

As of Monday, CME had not yet filed with the U.S. Commodity Futures Trading Commission to launch bitcoin futures, a spokeswoman for the company said.

Cboe also said it has yet to file with for a bitcoin futures contract with the CFTC, but spokeswoman Hannah Randall said the exchange operator was in active discussions with the regulator.

Cboe has said it sees launching a bitcoin futures contract as the first step to launching an exchange-traded fund based on bitcoin prices.

CFTC regulations allow designated contract markets such as CME to list products for trading without prior CFTC approval by filing a written self-certification with the regulator, meaning CME stipulates the product complies with the Commodity Exchange Act and CFTC regulations.

To self-certify a new product, the exchange must file its submission with the CFTC by the open of business on the business day before a product is to be listed.

Reporting by John McCrank; Editing by Meredith Mazzilli

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- All market data contained within the CME Group website should be considered as a reference only and should not be used as validation against, nor as a complement to, real-time market data feeds. Settlement prices on instruments without open interest or volume are provided for web users only and are not published on Market Data Platform (MDP). These prices are not based on market activity.

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CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

CME Group Announces Launch of Bitcoin Futures

CHICAGO , Oct. 31, 2017 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, today announced it intends to launch bitcoin futures in the fourth quarter of 2017, pending all relevant regulatory review periods.

The new contract will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR) which serves as a once-a-day reference rate of the U.S. dollar price of bitcoin. Bitcoin futures will be listed on and subject to the rules of CME.

"Given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a bitcoin futures contract," said Terry Duffy , CME Group Chairman and Chief Executive Officer. "As the world's largest regulated FX marketplace, CME Group is the natural home for this new vehicle that will provide investors with transparency, price discovery and risk transfer capabilities."

Since November 2016 , CME Group and Crypto Facilities Ltd. have calculated and published the BRR, which aggregates the trade flow of major bitcoin spot exchanges during a calculation window into the U.S. Dollar price of one bitcoin as of 4:00 p.m. London time. The BRR is designed around the IOSCO Principles for Financial Benchmarks. Bitstamp, GDAX, itBit and Kraken are the constituent exchanges that currently contribute the pricing data for calculating the BRR.

"We are excited to work with CME Group on this product and see the BRR used as the settlement mechanism of this important product," said Dr. Timo Schlaefer , CEO of Crypto Facilities. "The BRR has proven to reliably and transparently reflect global bitcoin-dollar trading and has become the price reference of choice for financial institutions, trading firms and data providers worldwide."

CME Group and Crypto Facilities Ltd. also publish the CME CF Bitcoin Real Time Index (BRTI) to provide price transparency to the spot bitcoin market. The BRTI combines global demand to buy and sell bitcoin into a consolidated order book and reflects the fair, instantaneous U.S. dollar price of bitcoin in a spot price. The BRTI is published in real time and is suitable for marking portfolios, executing intra-day bitcoin transactions and risk management.

Cryptocurrency market capitalization has grown in recent years to $172 billion , with bitcoin representing more than 54 percent of that total, or $94 billion . The bitcoin spot market has also grown to trade roughly $1.5 billion in notional value each day.

For more information on this product, please visit cmegroup.com/bitcoinfutures.

As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk. Through its exchanges, CME Group offers the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange,energy, agricultural products and metals. CME Group provides electronic trading globally on its CME Globex platform. The company also offers clearing and settlement services across asset classes for exchange-traded and over-the-counter derivatives through CME Clearing. CME Group's products and services ensure that businesses around the world can effectively manage risk and achieve growth.

CME Group, the Globe Logo, CME, Chicago Mercantile Exchange, CME Direct and Globex are registered trademarks of Chicago Mercantile Exchange Inc. All other trademarks are the property of their respective owners.

CME Bitcoin Futures Price Above $20k in First Day Trading

CME Group's long-awaited bitcoin futures began trading today with a bullish signal, as the sale price for its Jan. 18 contracts opened above $20,000.

Coming months after the Chicago-based derivatives exchange operator first revealed plans for dedicated bitcoin offerings, the launch took place at 6 p.m EST. At that time, the opening price for the January contract was $20,650, $1,150 over the last price on CME's reference rate ($19,500).

All told, more than 200 Jan. 2018 contracts were bought during the first hour, CME data reveals.

The operator's site shows that one Feb. 2018 contract and one March 2018 contract were sold, along with two scheduled to expire in June. Prices for the latter three are above $20,000 at press time.

Since the opening, contracts have also notably continued trading at a premium against the price of bitcoin, which according to CoinDesk's Bitcoin Price Index (BPI) was $19,400 when CME launched trading of the bitcoin futures.

Along with last week's bitcoin futures kick-off from Cboe, the past week has now seen the launch of multiple products aimed at institutional investors. And, as previously reported, other institutional giants including Nasdaq and Wall Street's Cantor Fitzgerald are expected to launch products around bitcoin in 2018.

However, CME's launch also showed signs of market fatigue.

In a departure from the initially rocky launch for Cboe, which saw its website become briefly inaccessible due to significant traffic, CME's site remained stable after the open. Further, over the course of the first hour, bitcoin saw a sell-off, with the price declining to a low of $18,424.

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

Disclosure: CME Group is an investor in Digital Currency Group, CoinDesk's parent company.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

CME, CBOE to Begin Bitcoin Futures Trading

U.S. financial firms CME Group, CBOE and Cantor Fitzgerald revealed today they will list financial products offering exposure to cryptocurrencies starting December 18.

First unveiled in an announcement by the U.S. Commodity Futures Trading Commission (CFTC), the regulator said all three companies will pursue a self-certified initial listing, after working with the agency to set a standard for the offerings.

The reveal comes just weeks after CME indicated via its website that it would launch the product on December 11, before retracting the remarks, and months after CBOE revealed it, too, would seek to launch a futures product.

Both CME and CBOE will offer cash-settled contracts that will find investors buying exposure to different reference rates that will not require custody of the asset. CME will use a custom reference rate created with partner Crypto Facilities, while CBOE intends to use data from the New York-based cryptocurrency exchange Gemini.

Cantor Exchange, a subsidiary of Cantor Fitzgerald, will offer bitcoin binary options beginning on the above date.

However, in remarks, CFTC Commissioner J. Christopher Giancarlo was quick to caution against the idea that the products would be regulated under its full oversight, noting its "limited statutory ability" to oversee the underlying cash markets for bitcoin trading.

"Market participants should take note that the relatively nascent underlying cash markets and exchanges for bitcoin remain largely unregulated markets over which the CFTC has limited statutory authority. There are concerns about the price volatility and trading practices of participants in these markets."

Elsewhere, the CFTC sought to frame itself as a participant in the launch, indicating it had held discussions with CME, Cantor and CBOE for months prior to today's news.

The regulator also indicated that it would maintain a close watch on the nascent market for bitcoin-tied financial products. The CFTC said that it intends to "assess whether further changes are required to the contract design and settlement processes and work with the [designated contract markets] to effect any changes" over time.

Ready to trade

Warnings aside, those listing the products expressed optimism about their release.

In remarks, Terry Duffy, CME Group chairman and CEO, said he believes the Chicago-based exchange, as well as its peers, have put in place the necessary safeguards for the listing.

"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."

At launch, Duffy explained the bitcoin futures product will be subject to risk management tools, including a margin of 35 percent, position and intraday price limits. The new contract will be traded on the CME Globex platform.

For more on CME's views on its forthcoming product, view our interview with managing director of equity products, Tim McCourt, below.

Live from Invest with Tim McCourt https://t.co/tdG8dJxiOf

Disclosure: CME Group is an investor in Digital Currency Group, CoinDesk's parent company.

First CME Bitcoin Futures Contract Expires On 26 January, 2018

On January 26, 2018, the initial CME Bitcoin Futures contract Expires that raises a huge question, if the cryptocurrency market is going to fall down even more. This has been followed by the expiry of CBOE contract on Jan 17, 2018, that resulted in its downward slide by 36 percent.

CME Bitcoin futures contract will Boom or Bust Tomorrow?

Chicago Mercantile Exchange & Chicago Board of Trade ( CME) is the world’s largest future exchange that launched its own bitcoin futures contract in December, last year. The future contracts are under the ticker BTC whose pre-decided expiry date is on January 26, 2018. The product had opened at $20,650 that initially traded quite high.

Where CBOE contract represents only one bitcoin, CME future contract represents five bitcoins. Moreover, CME uses its own bitcoin reference rate that basically tracks several cryptocurrency exchanges, unlike CBOE that settles its futures against the daily price auction of Gemini. Bitcoin future is also different from bitcoin exchange as futures will have a defined trading window and the circuit filters. Furthermore, CME brings the options to short bitcoin.

A little rundown of CME future contracts

The Chicago Merc (CME) futures contract started with the idea that it will use the ticker BTC and equal five bitcoins. The CME’s contract is priced off of the CME Bitcoin Reference Rate which is an index that takes the pricing data reference from cryptocurrency exchanges that involves GDAX, Kraken, itBit, and Bitstamp.

The BTC of CME is traded on CME Globex between 6 pm to 5 pm from Sunday to Friday along with Easter time that begins at 5 pm. The contract clears through CME Clear Port and has 43 percent of initial margin rate and maintenance rate each. As for the trading, it is not allowed outside 20 percent price limit whereas the margin rates are subject to change.

CBOE future contracts expiration resulted in 36% downward slide

In the first month of Chicago Board Options Exchange (CBOE), bitcoin futures got mixed results. On January 17, 2018, when CBOE contracts expired, the value of the bitcoin took a stumble of 36 percent in spot pricing. Since CBOE got entry into the market, bitcoins have given up a quarter of its value.

According to the reports, on Jan 17, the first bitcoin future contract closed at $10,900. The time the first batch of futures closed, bitcoin had taken a significant fall. The launch of the bitcoin linked future contracts indicated that the mainstream financial institutions might also warm up to the idea of cryptocurrencies and in a broader sense. However, it is yet to be seen how exactly the future market will play out.

With the way the expire of CBOE future contracts’ expiration negatively affected the bitcoin market, it is likely the expiration of CME tomorrow will see a downward spiral too. However, it’s just a calculated guess by seeing the past behaviour of CBOE future contracts.

What do you think will be the effect of the CME Bitcoin Futures contract Expires on the market? Let us know your thought in comments below.

The presented content may include personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for you personal financial loss.

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Question on a link

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Repair the Yahoo Search App.

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WEBPAGE NOT AVAILABLE
This webpage at gttp://r.search.yahoo.com/_ylt=A0geJGq8BbkrgALEMMITE5jylu=X3oDMTEzcTjdWsyBGNvbG8DYmyxBHBvcwMxBHZ0aWQDTkFQUEMwxzEEc2VjA3NylRo=10/Ru=https%3a%2f%2fwww.att.att.com%2f/Rk=2/Es=plkGNRAB61_XKqFjTEN7J8cXA-
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Yahoo Search App from the Google Play Store on my Samsung Galaxy S8+ phone stopped working on May 18, 2018.

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Bitcoin Is Now Trading on the World's Largest Futures Exchange

CME Group (cme), the world’s largest derivatives exchange operator, began trading bitcoin futures Sunday, with the contract opening at what is currently its session high and dropping over 6% within the first half hour.

The CME bitcoin front-month futures opened at $20,650 and have so far traded as low as $19,290 and as high as $20,650 in a session that extends into Monday.

The new contract was recently at $19,290 on CME, below the $19,500 reference price set by the exchange for the January contract.

The reference price, from which price limits are set, is $19,600 for the February contract, $19,700 for March and $19,900 for June, according to CME.

The week-old bitcoin futures contract at the Cboe was last trading at $19,280, up 6.5% on the day.

Bitcoin recently traded down 1.7% on the Bitstamp exchange at $18,640.

The launch of bitcoin futures is viewed as a major step in the digital currency’s path toward legitimacy that should ease the entry of big institutional investors.

For more on bitcoin, watch Fortune’s video:

“We saw a nice open on light volume, but pretty uneventful so far. I do think we could certainly pick up in volume as Asia begins to open. This is a brand-new asset class and I think perhaps a lot of investors want to sit back and see how this plays out before dipping their toes in this market,” Spencer Bogart, partner at Blockchain Capital LLC, said shortly after trading began on Sunday.

Volume on CME was recently at 287 contracts. On its debut last Sunday, the Cboe traded nearly 4,000 contracts during the full session.

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 difficult if not impossible.

Last week, Chicago-based derivatives exchange Cboe Global Markets launched bitcoin futures, which saw the price surge nearly 20% in its debut.

Some investors believe the CME bitcoin futures could attract more institutional demand because the final settlement price is culled from multiple exchanges.

The Cboe futures contract is based on a closing auction price of bitcoin from the Gemini exchange, which is owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss.

The general sentiment in the market remains one of caution and that has been reflected in margin requirements for the contracts.

In the futures market, margin refers to the initial deposit made into an account in order to enter into a contract.

The margin requirement at CME is 35%, while at Cboe, it is 40%, reflecting bitcoin’s volatility. The margin for an S&P 500 futures contract, by contrast, is just 5%, analysts said.

One futures trader said the average margin for brokers or intermediaries on bitcoin contracts was roughly twice the exchange margins.

Bitcoin futures contracts at CME and Cboe

(Reuters) - CME Group Inc launches bitcoin futures on Sunday, Dec. 17, following Cboe Global Markets Inc’s Dec. 10 bitcoin futures debut.

Here are some of the differences between the products offered by the Chicago-based exchange operators.

CONTRACT UNIT

-The Cboe Bitcoin Futures Contract uses the ticker XBT and equals one bitcoin.

-The CME Bitcoin Futures Contract will use the ticker BTC and will equal five bitcoins.

PRICING AND SETTLEMENT

-Both Cboe’s and CME’s bitcoin futures contracts will be settled in U.S. dollars, allowing exposure to the bitcoin without actually having to hold any of the cryptocurrency.

-Cboe’s contract is priced off of a single auction at 4 p.m. Eastern time (2100 GMT) on the final settlement date on the Gemini cryptocurrency exchange.

-CME’s contract will be priced off of the CME Bitcoin Reference Rate, an index that references pricing data from cryptocurrency exchanges, currently made up of Bitstamp, GDAX, itBit and Kraken.

TRADING HOURS

-Cboe’s XBT contract trades on CFE, with regular trading hours of 9:30 a.m. to 4:15 p.m. Eastern time on Mondays and 9:30 a.m. to 4:15 p.m Tuesday through Friday. Extended hours will be 6 p.m. Sunday to 9:30 a.m. Monday, and 4:30 p.m. Monday through to 9:30 a.m. Friday.

-CME’s BTC will trade on CME Globex from Sunday to Friday from 6 p.m. - 5 p.m. Eastern time with a one-hour break each day beginning at 5 p.m.

MARGIN RATE AND CLEARING

-Cboe’s contract clears through the Options Clearing Corporation and an initial margin of 44 percent and a maintenance margin of 40 percent applies.

-CME’s contract will clear through CME ClearPort and will have a 43 percent initial margin rate and a maintenance rate of 43 percent.

-Margin rates at both exchanges are subject to change.

CONTRACT EXPIRATIONS

-Cboe said it may list up to four weekly contracts, three near-term serial months, and three months on the March quarterly cycle.

-CME said it will list monthly contracts for the nearest two months in the March quarterly cycle (March, June, Sept., Dec.) plus the nearest two serial months not in the March quarterly cycle.

PRICE LIMITS AND TRADING HALTS

-Cboe will halt trading in its contract for 2 minutes if the best bid in the XBT futures contract closest to expiration is 10 percent or more above or below the daily settlement price of that contract on the prior business day.

Once trading resumes, if the best bid in the XBT futures contract closest to expiration is 20 percent or more above or below the daily settlement price of that contract on the prior business day, the futures will be halted for 5 minutes.

-CME will apply price limits, also known as circuit breakers, to its bitcoin futures of 7 percent, 13 percent, and 20 percent to the futures fixing price. Trading will not be allowed outside of the 20 percent price limit.

Sources: Cboe and CME

Reporting by John McCrank in New York; Editing by Lisa Shumaker and Meredith Mazzilli

Bitcoin Futures on CBOE vs. CME: What's the Difference?

More on Bitcoin
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Dorsey: Internet Deserves Its Own Cryptocurrency

Which exchange should futures investors choose for betting on bitcoin?

Unregulated bitcoin futures exchanges have already been in existence for some time. But they have failed to attract institutional investors, who have mostly stayed away from the cryptocurrency. However, the entry of CME and CBOE is expected to change the situation. (See also: CME To Launch Bitcoin Futures).

It will enable institutional investors, who have mostly stayed away from the cryptocurrency, to take positions betting for or hedging against its price movements. While large trading firms and bitcoin miners are expected to be the major players in bitcoin futures, retail investors can also profit off its volatility by using futures. Both contracts are cash-settled (meaning they are settled in U.S. dollars, as opposed to bitcoins). (See also: Four Problems With Bitcoin Futures).

Here are the main differences between bitcoin futures contracts at both exchanges:

Underlying Spot Price

The CME contracts are based on the Bitcoin Reference Rate (BRR) index, which aggregates bitcoin trading activity across four bitcoin exchanges - itBit, Kraken, BitStamp, and GDAX - between 3pm and 4pm GMT. On the other hand, CBOE will price contracts with a single auction at 4 pm on the final settlement date. It will use bitcoin prices from the Gemini exchange, owned by the Winklevoss twins, to calculate contract value. Bitcoin prices, so far, have varied between different exchanges due to differences in trading volume and liquidity. (See also: Why Is The Price Of Bitcoin Different Around The World?)

Contract Units

Each CME contract consists of 5 bitcoins while the CBOE contract has one bitcoin. This means that both the CME and CBOE contracts will be worth the price of bitcoin on the BRR index or Gemini at the time of trading.

Price Limits And Margin Rates

CME’s circuit breakers for bitcoin futures will be triggered at 7%, 13% and 20% price movement in either direction from the daily settlement price of the prior business day. Trading will be halted, if the price for bitcoin futures moves more than 20%. In CBOE’s case, the trading halts are triggered at 10% (for two minutes) and 20% (for five minutes) of daily price limits. CBOE requires a 40% margin rate for bitcoin futures trades while CME has implemented a 35 percent margin rate.

Tick Sizes

The tick value (minimum price movement) at CME is $5 per bitcoin. This means that the price movement for a single contract will move in increments of $5 and amounts to a total of $25 per contract. At CBOE, the minimum tick for a directional non-spread trade (meaning the absence of a concurrent long and short position) is 10 points or $10. A spread tick has a tick size of $0.01.

суббота, 23 июня 2018 г.

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