The Chicago Board Options Exchange or most commonly known as the CBOE is looking to introduce the Bitcoin Future trading this coming December 10. According to reports, the CBOE is looking to adjust their product offering and is looking to include the innovating and ever so popular cryptocurrency to their current product line up.
The CBOE has been founded and has been operating since the earlier years of 1973; its former and most popular products were individual equities, indexes, and interest rates. Looking at their current scale and growth, the Chicago Board Options Exchange is regarded as the world’s largest options market as it captures a majority of the options traded.
CBOE, Bitcoin Details
The announcement yesterday has been gaining traction since they announced Bitcoin Future or XBT futures next week, December 10. This move is also one step ahead of its closest competition, CEM Group, which is also considered as the biggest futures exchange.
According to the reports, the CBOE is looking to offer the first month of trading for free. The decision to make it free and available in the first month is for traders to grasp the whole new product and garner more attention for both novice and veteran traders.
According to CBOE’s chairman and current CEO, Ed Tilly, "Given the unprecedented interest in bitcoin, it's vital we provide clients the trading tools to help them express their views and hedge their exposure. We are committed to encouraging fairness and liquidity in the bitcoin market. To promote this, we will initially offer XBT futures trading for free."
More XBT Details
The whole decision and launch date was managed and organized after their previous meeting and discussion on their plans regarding the implementation and creation of the Bitcoin futures product. Those were all concluded earlier this year, August to be exact, and CBOE was also reportedly tagged New-York based Bitcoin exchange company Gemini.
Gemini is currently run and operated by two investors namely, Cameron and Tyler Winklevoss. Furthermore, the Winklevoss twins currently took the headline after becoming the first Bitcoin millionaires.
The decision is also highly regarded to be buoyed by the positive run that the Bitcoin had recently, increasing by a couple of thousands in just a span of two or three weeks. The rampant price also signified that the digital currency’s popularity continues to grow further and further.
CBE’s Current Stand
Meanwhile, CME’s approach and prices are currently derived from four other Bitcoin exchanges. Furthermore, Chicago Mercantile Exchange is looking to adjust the possible amount of contracts that an investor can hold which will be at 1,000.
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