The Commission on trade commodity futures (CFTC) announced that CME, the and Cantor Exchange has completed the process of self-certification for futures and options on bitcoin. After completion of the certification, CME Group announced that futures on bitcoin will be launched on 18 December. Two other sites with accurate information about the launch of cryptocurrency tools yet.
«Within six weeks, the staff of the Commission conducted a thorough consultation with the CME for four months with HIS and led numerous discussions with Cantor,» – according to the CFTC.
«Bitcoin, a digital currency, is a commodity, unlike that in the past the Commission was working, – said the Chairman of the CFTC George. Christopher Giancarlo. As a result, we have had extensive discussions with the exchanges on the proposed contracts and the CME, the and Cantor agreed to substantial enhancements to protect customers and maintain orderly markets. The start date of trading will be announced in the near future.»
CME plans to implement daily settlement futures trading on bitcoin through the system to CME Globex with the daily closing of the session at an average price between 15:59:00 and 16:00:00 GMT.
In the first case, «all contract specifications are calculated based on the average weighted prices (VWAP) direct transactions, rounded to the nearest tradable tick. If the VWAP is equidistant between two ticks it will be rounded to previous».
«In the absence of trading during the settlement period contract month closes at the average price of sale/purchase between 15:59:00 and 16:00:00».
«If no bilateral markets [available] during the settlement period in a particular contract month will be used then current price indices CME on bitcoin added to the calculation of the futures contract on the previous day (provided that the calculation is within the limit of bitcoin prices), adjusted for the sale/purchase, if there is one party,» explains CME.
Representatives of the bitcoin community around the world anticipate significant changes in the industry after the entrance of CME in the ecosystem. CME Group was founded in the nineteenth century and after a hundred and twenty years, is considered the world’s largest commodity derivatives exchange.