CBOE Director For Product Development Talks Successes Of Bitcoin Futures And Looking At Other Coins

In the lead up to Dec. 10 last year, there was a massive crypto rally that many feel was catalyzed by the announcement that Chicago Board Options Exchange (CBOE) would be launching Bitcoin futures.

They were heralded as a melding of the crypto investment space and the traditional spheres. Now, those in Wall Street would be able to enter the Bitcoin space with a familiar product.

A few months after the futures have launched, it is probably a good time to check in and see how this product has worked out at CBOE.

Dennis O’Callahan, CBOE’s director for product development, spoke to Cointelegraph recently at the QUANT Conference in Venice, about how things have been going in the few months since futures have been available through CBOE.

Cointelegraph: Hi Dennis, thanks for taking the time. Let’s start at the beginning, what was it that made you decide to pursue Bitcoin futures as a potential product for CBOE?

Dennis O’Callahan: I am in product at CBOE, so my sole role at this company is to develop products and bring products to market. We monitor all spaces, including the cryptocurrency space, and we have been looking at it since about 2014 or so, looking for ways that we could get involved in this market. We have been looking at the Blockchain itself, and cryptocurrencies themselves, so we have been looking for a long time, but never found a way that we were comfortable with until last year in March, when we looked at this particular design that we have. It is still an ongoing process.

CT: You were not the only ones to come out with Bitcoin futures in December, but you were the first, how did it come about that you launched at a similar time as CME, and have you kept much of an eye on their product?

DO: We had been talking to our regulators, the CFTC, since about May or June of 2017. So we have been in the process for quite some time. In August we put out a press release that we were exploring this market, and at that time we still had not heard of any other exchanges involved in this market, so we were well on our way to having this product before we even heard that CME was looking at this space. We were the first to market because we had been working on it for quite some time. We are happy with the way our product is running and we are very comfortable with it, but we do look at the competition. Still, we are satisfied with the product design…

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