The end of the year marked the arrival of bitcoin futures contracts. Since CME Group and the CBOE announced their bitcoin futures contracts launch - the world awaits for the new wave of Bitcoin adoption.
In this article you can find the most important information about upcoming bitcoin futures.
1. CBOE Futures
Sales date: December 10, 2017
Contract unit: The Cboe Bitcoin Futures Contract will use the ticker XBT and will equal one bitcoin.
Trading hours: Cboe’s XBT contract will trade 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.
Margin rate and clearing: Cboe’s contract will clear through the Options Clearing Corporation and a 30% margin rate will apply.
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.
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.
2. CME Futures
Sales date: December 17, 2017
Trading hours: CME’s BTC will trade on CME Globex and CME ClearPort Sunday to Friday from 6 p.m. - 5 p.m. Eastern time with a one-hour break each day beginning at 5 p.m.
Contract unit: The CME Bitcoin Futures Contract will use the ticker BTC and will equal five bitcoins.
Margin rate and clearing: CME’s contract will clear through CME ClearPort and will have a 35% initial margin rate.
Contract expirations: 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: CME will apply price limits, also known as circuit breakers, to its bitcoin futures of 7%, 13%, and 20% to the futures fixing price. Trading will not be allowed outside of the 20% price limit.
3. NASDAQ Futures
Sales date: the first half of 2018
Nasdaq futures will trade on its NFX market.
It is stated that the Nasdaq futures product will be based on an index that takes in prices from more than 50 bitcoin exchanges.
4. Tokyo Financial Exchange Futures
Tokyo Financial Exchange plans to create a working group to study cryptocurrencies in January.
Once the Financial Instruments and Exchange Act recognizes cryptocurrencies as financial products, we will list the futures as quickly as possible. To achieve that, we will launch this working group to study various aspects, including bitcoin’s present status, its outlook, and what form it will take root in Japan’s society.
CEO, Tokyo Financial Exchange
Goldman Sachs to clear bitcoin futures
Goldman Sachs plans to clear bitcoin futures contracts for certain clients when the derivatives go live in coming days, a spokeswoman for the bank said on Thursday.
Given that this is a new product, as expected we are evaluating the specifications and risk attributes for the bitcoin futures contracts as part of our standard due diligence process.
The Goldman Sachs spokeswoman
Meanwhile, the Korean regulator does not recognize bitcoin as ‘an underlying asset of derivatives products’ and is hence restricted from being listed as a financial instrument for futures trading.