03.15.2019

Cboe Pumps Brakes on Bitcoin

Exchange operator Cboe Global Markets has decided to halt the listing of its bitcoin-based futures contract after 15 months of trading.

The Cboe Futures Exchange recently notified clients that it would not be adding a Cboe Bitcoin (XBT) futures contract for trading in March and it was assessing how it plans to offer digital asset derivatives for trading.

In the meantime, it does not intend to list additional XBT futures for trading, but the existing listed contracts will still be available to trade.

The Cboe launched trading in its cash-settled bitcoin-based futures contact on December 10, 2017, after filing the necessary product certification with the US Commodity Futures Trading Commission on December 1.

“Given the unprecedented interest in bitcoin, it’s vital we provide clients the trading tools to help them express their views and hedge their exposure,” said Ed Tilly, Chairman and Chief Executive Officer of Cboe Global Markets, at the time. “We are committed to encouraging fairness and liquidity in the bitcoin market. To promote this, we will initially offer XBT futures trading for free.”

With the Cboe’s departure from cyrptocurrency-based futures, exchange competitor The CME Group remains the dominant designated contract market currently trading bitcoin futures.

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