CBOE to launch bitcoin futures trading Sunday

CBOE to launch bitcoin futures trading Sunday

CBOE to launch bitcoin futures trading Sunday

CME's nonmembers can trade the futures too, although they will be charged for higher service and exchange fees. While CME's announcement sent bitcoin's price hurtling past the $11,000 mark for the second time last week, CBOE's release hasn't had the same effect.

CME, the world's biggest exchange owner, and smaller venue Cboe, known for its volatility products, were allowed to offer the products Friday after pledging to USA regulators that they comply with the law.

On Friday a U.S. federal regulator gave the go ahead to the CME Group to start trading bitcoin futures later this month, the first time the digital currency will be traded on a Wall Street exchange and subject to federal oversight.

Cryptocurrency that trades 24 hours a day and seven days a week, climbed as high as $11,799.99 on the Luxembourg-based Bitstamp exchange.

The Chicago Board Options Exchange (CBOE) has announced that its planned bitcoin futures product will begin trading on december 10.

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The new contract will be listed on, and subject to the rules of, CME.

The cryptocurrency was last up 0.4 percent at $11,290.

"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.

Bitcoin futures would allow traders to bet on rises and falls in the digital currency, similar to the way oil, corn or gold futures work. The futures will be cash-settled contracts based on Gemini's auction price for bitcoin, denominated in USA dollars.

"If the Commission determines that the margin the DCOs hold against bitcoin futures positions is inadequate, it can take measures to require that the margin levels be increased", CFTC Commissioner Brian Quintez said in a speech last week. One bitcoin was worth just a fraction of a penny when it started trading in 2010, and by the start of this year was worth $1,000.

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