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It’s been almost more than a quarter that the world's largest futures exchange, CME, has launched and has finalized self-certification with the CFTC (Commodity Futures Trading Commission) of its first bitcoin futures contract. Ever since then we’ve seen huge turbulence in the price movement of BTC that has intensified.
The recent development demonstrates as to how some big financial troupes are shifting to co-opt the turbulence of cryptocurrency industry and lure more mainstream investors into the market, even before regulators have agreed on just what bitcoin is.
In this write-up, we’ve emphasized the pragmatic approach of CME mechanism of BTC as the futures trading is slightly a bit different from the trading underlying assets. So, we’ve attempted to shed some light on BTC futures trading in order to get a simplified idea on this.
What is the relationship between Bitcoin futures and the underlying spot market?
CME Bitcoin futures are built on the CME CF Bitcoin Reference Rate (BRR), which aggregates bitcoin trading activity across major bitcoin spot exchanges between 3:00 p.m. and 4:00 p.m. London time.
The exchange that you will look for Bitcoin futures?
Bitcoin futures would be listed and cleared on CME, a US-registered designated contract market (DCM) and derivatives clearing organization (DCO).
What regulation will apply to the trading of Bitcoin futures?
The trading and clearing of Bitcoin futures will be regulated by the Commodity Futures Trading Commission (CFTC), the regulatory body with exclusive jurisdiction over US Bitcoin futures markets.
Over the past few months, the Chicago Board of Exchange (Cboe) and the Chicago Mercantile Exchange (CME Group) have been selling bitcoin-based futures products. Predictions have been dull as most forecasts are around the $9-9.4K USD range for bitcoin derivatives using both firms’ futures data. On the other hand, crypto-derivatives trade volumes have been increasing.
CME CF Bitcoin Reference Rate (BRR) and CME CF Bitcoin Real-Time Index (BRTI), a standardized reference rate and spot price index with independent oversight are accelerating the professionalization of bitcoin trading. BRR and BRTI launched November 14, 2016. Several bitcoin exchanges and trading platforms will provide pricing data, including Bitstamp, GDAX, itBit, and Kraken.
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 91 (which is bullish), while USD spot index is edging higher at 10 levels (neutral) ahead of data announcements such as Philly Fed manufacturing index, US unemployment claims, and FOMC members’ speeches, while articulating (at 08:02 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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