NYSE Parent Company Reveals Launch Date for Bitcoin Futures on Bakkt Platform

Shortly after the announcement that its first crypto product will probably be bodily Bitcoin futures, NYSE guardian firm ICE has revealed the launch date.

The guardian firm of the New York Stock Exchange (NYSE), Intercontinental Exchange (ICE), has introduced the launch date for Bitcoin (BTC) futures on its platform Bakkt, in keeping with a doc launched Oct. 22.

Bakkt is a platform for trading, storing, and spending digital property that was established earlier this 12 months by international trade operator ICE.

Per the doc, ICE will checklist Bakkt Bitcoin (USD) Daily Futures Contracts for trading on Dec. 12, 2018. The product will probably be physically-settled and cleared by ICE Clear U.S., Inc. The discover additional explains:

“Each futures contract requires supply of 1 bitcoin held within the Bakkt Digital Asset Warehouse, and can commerce in U.S. greenback phrases. One each day contract will probably be listed for trading every Exchange Business Day.”

The announcement is backed by a earlier assertion in September that the corporate’s “first contracts will probably be bodily delivered BTC futures contracts versus fiat currencies” in opposition to U.S. {dollars}, kilos sterling, and euro.

As beforehand reported, Bakkt is not going to help margin trading for its BTC contract. By refraining from permitting for margin, leverage and money settlement, the platform will reportedly higher help market integrity and allow the “trusted value formation” that it says is the important thing to “advancing the promise of digital currencies.”

In December of final 12 months, the Chicago Mercantile Exchange (CME) and the Chicago Board Operations Exchange (CBOE) launched Bitcoin futures. This summer time, the Federal Reserve Bank of San Francisco wrote an Economic Letter stating that “the speedy run-up and subsequent fall within the value after the introduction of futures doesn’t look like a coincidence” and “it’s in line with trading conduct that sometimes accompanies the introduction of futures markets for an asset.”

Original supply: https://cointelegraph.com/news/nyse-parent-company-reveals-launch-date-for-bitcoin-futures-on-bakkt-platform

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