Ever since Chicago Mercantile Exchange announced that it would be launching bitcoin futures trading, the question on everyone’s lips has been “When?” Today CME chief Terry Duffy provided an answer to that question. All going to plan, the world’s largest options and futures exchange should launch bitcoin trading by the second week in December.
The Future is Almost Here
In an interview on CNBC, chief executive Terry Duffy revealed when futures contracts should be ready and commented on the recent volatility that bitcoin has been subject to. “I think sometime in the second week of December you’ll see our contract out for listing,” he said.
On October 31, CME Group broke the news that it would be permitting futures trading on bitcoin, prompting frenzied speculation over the boost this may give to the digital currency. A week later, CME released further details, stating that bitcoin would be traded in $25 increments and would have a swing of no more than 20% above or below the previous settlement price.
Had futures contracts been in place last week, when bitcoin dropped by 30%, trading would have been forced to temporarily cease. By the time futures launch in December, it is hoped that much of the post-Segwit drama will have abated, but as anyone who’s followed bitcoin’s trajectory for long enough will know, sudden spikes and troughs are par for the course.