U.S. approves bitcoin futures but Brits plan regulatory crackdown

A Bitcoin coin is seen in an illustration

Since November 2016, CME Group and Crypto Facilities Ltd. have calculated and published the BRR, which aggregates the trade flow of major bitcoin spot exchanges during a calculation window into the U.S. Dollar price of one bitcoin as of 4:00 p.m. London time.

The Chicago Mercantile Exchange also said Friday that it will start offering bitcoin futures trading on December 18.

This also led to the migration of a few miners and investors to other markets like bitcoin cash and ethereum and once again, it looked as though the bitcoin prices would crash a lot more.

In an unexpected development, the Chicago-based Cboe Futures Exchange (CFE) has announced it will list bitcoin futures contracts for trading on December 10. It is now worth more than $11,000.

"Given the unprecedented interest in bitcoin, it's vital we provide clients the trading tools to help them express their views and hedge their exposure", stated Ed Tilly, CEO of CBOE. "To promote this, we will initially offer XBT futures trading for free". At 19:54 UTC on Monday, bitcoin was trading at $11,237.19, unchanged in the last 24 hours.


CME Group's Bitcoin futures will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR) which serves as a once-a-day reference rate of the USA dollar price of bitcoin. The first bitcoin futures contracts on a regulated USA exchange are set to launch on Sunday.

CME and CBOE have also agreed to enter into data-sharing agreements, particularly on the settlement process, so the CFTC can conduct its own surveillance on the new financial contracts.

On the other hand, CME plans to use the services of four bitcoin exchanges - Bitstamp, GDAX, itBit and Kraken - to set its Bitcoin Reference Rate (BRR).

Bitcoin has been a hot commodity for investors.

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