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ARTICLE · 06 DECEMBER 2017

Bitcoin Futures Expected To Begin Trading On Two Major U.S. Exchanges This Month

Borden Ladner Gervais LLP
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CanadaFinance and Banking
Carol Derk
Carol Derk
Julie Mansi
Julie Mansi
Michael Taylor
Michael Taylor
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Amid a surging price for bitcoin, the CBOE Futures Exchange ("CBOE") has announced that it will list bitcoin futures for trading starting on Sunday, December 10, 2017, making it the first regulated U.S. exchange to support the trading of bitcoin futures (or any other cryptocurrency-derived futures product). According to CBOE, the bitcoin futures will trade under the ticker symbol 'XBT' and will be cash-settled contracts based on Gemini Trust Company, LLC's U.S. dollar auction price for bitcoin. The Chicago Mercantile Exchange ("CME") will also be listing bitcoin futures for trading, beginning on Monday, December 18, 2017. The CME's bitcoin futures will also be cash-settled, based on the CME CF Bitcoin Reference Rate ("BRR"), which serves as a once-a-day reference rate of the U.S. dollar price of bitcoin and relies on the global average price of bitcoin based on four cryptocurrency exchanges.

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