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Federal regulator gives OK for bitcoin futures to trade
Source: Associated Press
Federal regulator gives OK for bitcoin futures to trade
By KEN SWEET
Today
NEW YORK (AP) — A federal regulator gave the go ahead on Friday 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.
The CME Group, which owns the Chicago Mercantile Exchange, will start trading bitcoin futures Dec. 18, the company said. The Commodities Futures Trading Commission, the primary regulator for exchanges like the CME, gave approval for the exchange to create bitcoin futures after six weeks of discussions.
The CME Group is using a process known as “self-certification,” which is when an exchange pledges that the new instruments will not break any federal securities laws.
The price of bitcoin futures will be based on the price the digital currency is going for on four major bitcoin exchanges — Bitstamp, GDAX, itBit and Kraken. Due to its volatility, bitcoin futures will be subject higher margin levels and intraday price limits, the CME said.
-snip-
By KEN SWEET
Today
NEW YORK (AP) — A federal regulator gave the go ahead on Friday 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.
The CME Group, which owns the Chicago Mercantile Exchange, will start trading bitcoin futures Dec. 18, the company said. The Commodities Futures Trading Commission, the primary regulator for exchanges like the CME, gave approval for the exchange to create bitcoin futures after six weeks of discussions.
The CME Group is using a process known as “self-certification,” which is when an exchange pledges that the new instruments will not break any federal securities laws.
The price of bitcoin futures will be based on the price the digital currency is going for on four major bitcoin exchanges — Bitstamp, GDAX, itBit and Kraken. Due to its volatility, bitcoin futures will be subject higher margin levels and intraday price limits, the CME said.
-snip-
Read more: https://apnews.com/dfbe010684bf4ed3bba80abc69be04b9/Federal-regulator-gives-OK-for-bitcoin-futures-to-trade
