Published: Wed, November 01, 2017
Economy | By Shawn Conner

Bitcoin Prices Surge as World's Largest Exchange Owner Opens Bitcoin Futures

Bitcoin Prices Surge as World's Largest Exchange Owner Opens Bitcoin Futures

Derivatives marketplace operator CME Group has announced plans to launch a bitcoin futures product in the fourth quarter of this year. Bitcoin futures will be listed on and subject to the rules of CME.

It worths mentioning that last month CME Group President Bryan Durkin told reporters he did not think the company would consider in the nearest future introduction of a bitcoin futures contract.

CME and United Kingdom -based Crypto Facilities Ltd. have been calculating and publishing the BRR, which aggregates the activity of major bitcoin spot exchanges, since November 2016.

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Like most other financial institutions exploring cryptocurrency, CME is launching a Bitcoin futures product to both satisfy client interests and investigate the rewards of testing blockchain technology's "transparency, price discovery and risk transfer capabilities", as noted by Group Chairman and Chief Executive Terry Duffy.

The creation of bitcoin futures by the CME Group could finally make it possible to establish an exchange-traded fund that's based on the world's most popular cryptocurrency, which has been previously hard due to bitcoin's largely unregulated nature. But it looks like demand for it was too strong to ignore.

Bitcoin's price has continued to climb, now hovering at $6,360 according to Coindesk.

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CME Group and Crypto Facilities Ltd. designed the BRR around the IOSCO Principles for Financial Benchmarks.

The BRR and BRTI are two tools that have become consistent and reliable price references for bitcoin globally.

Bitcoin (BTC/USD) surged to a record high at 6,399.005 after the announcement.

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