The Bakkt platform of the Intercontinental Exchange (ICE) has officially confirmed the upcoming launch of a cash-settled Bitcoin (BTC) futures contract on 9 December.
22 November 2019, AtoZMarkets – The Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company created in 2000 to modernize markets. ICE serves its clients by operating the exchanges, clearing-houses, and information services. Besides, it relies on to invest, trade, and manage risks in financial markets and commodity markets across global.
Leader in the field of market data, ICE Data Services, responds to information and connectivity needs in virtually all asset classes. It is the parent company of the New York Stock Exchange. The company is the world’s leading capital raising hub, driving economic growth, and market transformation.
ICE Will Launch Bakkt Bitcoin Futures
ICE today announced the launch of the Bakkt Monthly Cash Settled Futures Contract Bitcoin (USD). The new contract will be on ICE Futures Singapore and authorized by ICE Clear Singapore. Furthermore, the Monetary Authority of Singapore regulates that.
Bakkt Bitcoin Spot Monthly Futures will settle based on data from the physically delivered Bakkt Bitcoin (USD) Monthly Futures Contract. Besides, it is the first fully regulated futures exchange for digital assets.
“New cash settlement futures contract will provide investors with a convenient and efficient way to obtain or hedge exposure in the bitcoin markets.” That is, according to Lucas Schmeddes. He is the President and COO of ICE Futures and Clear Singapore. “Building on the success of our deliverable futures contract, cash-settled futures will benefit from ICE’s globally accessible and regulated market. It provides a safe, secure, and compliant trading environment for bitcoin trading.
ICE Futures Singapore plans
Details of the contract specifications and changes to the rules will be on the ICE Singapore website (Futures Circulars, Clearing Circulars). Parties may also submit their comments on the proposed rule changes by 29 November, 2019. However, ICE Futures Singapore plans to list the contract on 9 December, 2019. That is by following the closing of the consultation and obtaining the necessary approvals for the rule changes.
Bakkt’s physically delivered contract also greeted almost unanimously by the cryptocurrency community and industry as a milestone. But social media reactions to Adam White’s confirmation of ICE on Twitter were more ambivalent.
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