Cboe submits product certification for bitcoin futures

Breaking: CFTC Urges Bitcoin Exchanges Surveillance to Prevent Futures Manipulation

Bitcoin futures trading is coming to the Chicago Mercantile Exchange and the CBOE Futures Exchange, the first traditional exchanges to wade into the cryptocurrency market, after a federal regulator said it had discussions with the exchanges to protect customers.

Derivatives marketplace operator CME Group will launch a bitcoin futures product on December 18, ending speculation as to when the much-anticipated offering would be available on the USA markets. "We are operationally ready and we will be announcing a launch date shortly", the spokesperson said in the new statement.

Bitcoin traded more than 6 percent higher at $10,539 on Friday, recovering partly from a 20 percent drop to $9,021.85 from a record high of $11,377.33 hit Wednesday, according to CoinDesk.

Bitcoin, which had been trading at around $10,150 USA on the Luxembourg-based Bitstamp exchange before the news, jumped following the news, leaving it up more than six per cent on the day. "Though we have worked through a lengthy, comprehensive process with the CFTC to get to this point, we recognize bitcoin is a new, uncharted market that will continue to evolve, requiring continued collaboration with the Commission and our clients going forward". CME and CBOE have also agreed to enter into information-sharing agreements and to send the CFTC data on the settlement process so the regulator can conduct its own surveillance.

UK's Muslim population could treble by 2050, research finds
In this case, Muslims could make up 14 percent (75 million) of Europe's population by 2050 - almost triple the current figure. Europe received more than one million migrants and refugees in 2015, according to figures from the UN's refugee agency.

"Bitcoin, a virtual currency, is a commodity unlike any the Commission has dealt with in the past", said CFTC Chairman J. Christopher Giancarlo.

The decision by the Commodity Futures Trading Commission means investors will be able to bet on changes to bitcoin prices, without actually buying bitcoin itself.

Still, at launch, Duffy explained the bitcoin futures product will be subject to risk management tools, including a margin of 35 percent, position and intraday price limits.

Nasdaq Inc also plans to list a futures contract based on bitcoin in 2018, Reuters reported earlier this week.

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