The second major financial instrument based on bitcoin is setting up to trade on the Chicago Mercantile Exchange.
The CHICAGO MERCANTILE EXCHANGE Group, one of the USA's largest exchanges of options and fiancial derivatives ,made available bitcoin futures for trading at 6 p.m. EST Sunday. The initial price for bitcoin futuress was $20,650, and the electronic currency was trading at $20,135 at 6:08 p.m. EST.
The crypto currency has boomed in popularity and value this year though drawing fears regarding its volatility.
The CME bitcoin derivatives, like the bitcoin futures that now trade on the Chicago Board Options Exchange, do not require tangible bitcoin. They will mirror an index of bitcoin price. Each contract will be for 5 bitcoin.
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CME is home to about three times as much trading per day than Cboe.
EST for CME Bitcoin Futures. When CME Group launches its bitcoin futures contract on the largest futures exchange in the world on December 18, it'll be a very big deal for the futures markets, brokerage firms, and of course, bitcoin. Bitcoin futures are live at CME.
For indices or currencies, these margin requirements can be as low as 1 percent of the underlying value of the security.
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