Bitcoin Futures Are Coming

All you need to know about upcoming bitcoin futures
08 December 2017   2110

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.


Shozo Ohta

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.


Tiffany Galvin

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.

Crypto Taxpayers to be supported in India

Cleartax, the largest Indian tax filing platform joins Zebpay exchange to help crypto taxpayers
24 March 2018   100

The object of this partnership is to educate Bitcoin traders and investors about the current tax laws and how to apply them in stating cryptocurrency profits and incomes. Indian authorities are aimed to find the best approach to Bitcoin and the other kinds of cryptocurrencies. The recent declarations of the regulators that new instructions would be accepted in a short time, have not been followed by real actions. So the attempts to enforce the control on this sphere have led to summaries that this task in not going to be simple at all. According to last month media reports, new frameworks and rules were waited by the end of March.

Though they failed to to introduce extensive regulations, the Indian authorities are focused to tapping into crypto earnings. In a previous month the Income Tax Department released notifications for thousands of cryptocurrency investors, as reported.

The Cryptocurrency Advisory Plan will help Indian bitcoin investors and traders in this year's tax campaign. The biggest tax filing platform Cleartax joins the Indian bitcoin exchanges and wallet providers Zebpay. They are both objected to support taxpayers to understand and abide by the law regarding taxation of the transactions with cryptocurrencies.

Cleartax declared it has the tax and technological expertise “to help people understand how bitcoin works”. Besides, the platform has started tax filing services for cryptocurrency investors. The Cleartax CEO and founder Archit Gupta claimed that together with Zebpay they are going to “simplify taxes for Indians”. The head of exchange at Zebpay, Nischint Sanghavi added that he believes the partnership with Cleartax will simplify tax planning for Zebpay`s customers.

In February about 100,000 cryptocurrency investors received tax notices from India`s Income Tax Department. Questionable dubious transactions, authorities investigated some of the cryptocurrency exchanges, and banks paused many of their accounts. Then the governmental pressure caused significant drop in trading volumes.

The authorities in Delhi have set a number of warnings against investing in BTC. Also the largest commercial banks have restricted severely the operations of local exchanges and individual cryptocurrency traders, even before any law demanding such measures is adopted.