Cboe Global Markets will kick off bitcoin futures trading in the U.S. this Sunday, Dec. 10, with fellow Chicago-based CME Group following suit on Monday, Dec. 18.
Cboe Bitcoin (USD) Futures Contracts will begin trading at 6 pm Eastern Sunday under the ticker symbol XBT.
There will be no trading fees for XBT futures in the month of December.
XBT futures are cash-settled contracts based on Gemini Trust Company’s auction price for bitcoin, denominated in U.S. dollars. XBT futures are specifically designed to allow participants to implement straightforward trading strategies, through settlement to a single, tradeable auction price.
XBT futures will cash-settle on the third Wednesday of the month. Final settlement value (XBTS) will reflect the Gemini 4 pm ET daily bitcoin auction price.
XBT futures will enable investors to take a directional view on the price of bitcoin (both long and short), gain exposure to bitcoin prices, or hedge their existing bitcoin positions.
XBT futures will bring benefits to traders, including transparency, efficient price discovery, deep liquidity and centralized clearing.
Gemini is a New York trust company regulated by the New York Department of Financial Services (NYSDFS). Gemini and CFE have cross-market surveillance and information-sharing agreements in place.