CME plans to introduce futures on altcoins in the near future

CME plans to introduce futures on altcoins in the near future

In an interview with Bloomberg on July 26, CEO of CME Terry Duffy stated that Chicago Mercantile exchange (CME) will introduce futures on altcoins in the near future.

In an interview, Duffy said the company needs to assess and develop approach to bitcoin, noting that futures on bitcoin “are probably one of the most controversial launches of new products”.

Duffy stressed that futures contracts on altcoins can not be launched immediately because they are “very changeable”, and the company can not simply add these products before “understand where they are heading”.

Now we have to deal with bitcoin and understand where to move this product.

The Director General confirmed the previous position of the company for the launch of futures on altcoins. Recall that at the beginning of the year, he said that the launch of althin-futures “would have been an irresponsible decision.”

CME, one of the largest exchanges in the world, launched the futures on bitcoin on December 17, a week after bitcoin futures largest cryptocurrency options exchange in the United States – the Chicago Board options exchange (CBOE).

Although CME is following a cautious approach to the introduction of futures on altcoins, its main competitor CBOE “definitely monitors other markets” – said in an interview with Cointelegraph, the Director of the CBOE to develop new products Dennis O Callahan.

… we’re definitely on for other markets to make sure that the infrastructure and everything else to the situation to launch new products.

See also the Volumes for bitcoin futures grew by 93% in the second quarter

Last week CME announced that average daily volume for bitcoin-futures (ADV) increased by 93 percent in the second quarter of 2018, and the number of open futures contracts for bitcoin has exceeded 2,400, which is 58 percent more than in the first quarter.

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