CME CEO: Bitcoin Futures Could Begin Trading As Soon As December

CME CEO: Bitcoin Futures Could Begin Trading As Soon As December

Duffy announced on October 31 that CME was going to list bitcoin futures in the fourth quarter of the year, pending regulatory review.

However, Duffy downplayed these concerns and assured skeptics that CME will implement restrictions created to contain the inherent volatility of the bitcoin markets. Speaking with CNBC, Duffy revealed that CME plans to launch bitcoin futures trading during the second week of December.

Among Duffy's notable comments in the interview: insight into how CME would handle major fluctuations in the price.

"I should not be trying to predict the price of products". The creation and launch of such a product boosted the confidence in investors and while cryptocurrencies may face the harsh reality of regulation and bureaucracy from governments and central banks, the financial industry is being disrupted. "But what I want to do is give it a place for other people to lay out that risk".

Bitcoin was highly volatile this weekend.

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"With regulated futures of a certain asset class like a bitcoin, you do have an opportunity to introduce ETFs and over time we do envision ETFs coming to market."
So there's only one way it can go. The digital currency then almost recovered all those losses to hit a high of $6,770.37 Monday, before trading near $6,360.

"I think sometime in the second week of December you'll see our contract out for listing."

"I'm going to implement something". However, the price has recovered then, rising to about $6,400. The price settlement will be cash-settled according to the CME CF Bitcoin Reference Rate (BRR), which tracks several bitcoin trading platforms. Institutional investors who may be prohibited from directly purchasing bitcoin will be able to use the futures as a way to buy into the digital currency trend.

CME's venture into the cryptocurrency space also brings about something new - shorting Bitcoin.

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