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UPDATE: CBOE Bitcoin futures to launch Dec. 10, with hedge funds prepping Big Short
By: Stephen Alpher, SA News Editor
Dec. 4, 2017

> Bitcoin futures on the CBOE Futures Exchange will begin trading on Sunday evening Dec. 10, for trade day Dec. 11. That's one week earlier than the CME's scheduled start date.

> Like the CME contract, CBOE Bitcoin futures will be cash-settled. They'll trade under the symbol XBT.


Meanwhile, hedge funds - mostly on the sidelines during this mania - are preparing to launch the next Big Short against Bitcoin once futures commence, reports Bloomberg.

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Cboe Plans December 10 Launch of Bitcoin Futures Trading
Mon December 4, 2017


CHICAGO, Dec. 4, 2017 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE | Nasdaq: CBOE), one of the world's largest exchange holding companies, today announced that Cboe Futures Exchange (CFE), plans to offer trading in bitcoin futures beginning at 5:00 p.m. CT on Sunday, December 10, 2017, at the start of Global Trading Hours. Monday, December 11, will be the first full day of trading, and trading will be free1 through December.

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Cboe's bitcoin futures will trade on CFE under the ticker symbol 'XBT.' XBTSM futures are cash-settled contracts based on Gemini's auction price for bitcoin, denominated in U.S. dollars. Gemini Trust Company, LLC (Gemini) is a digital asset exchange and custodian that allows customers to buy, sell, and store digital assets such as bitcoin. XBT futures are specifically designed to allow participants to implement straightforward trading strategies, through settlement to a single, tradeable auction price.

Ed Tilly, Chairman and Chief Executive Officer of Cboe Global Markets, said: "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. We are committed to encouraging fairness and liquidity in the bitcoin market. To promote this, we will initially offer XBT futures trading for free."

Tyler Winklevoss, Chief Executive Officer of Gemini, said: "Developing a regulated derivatives market is the next logical and crucial step towards advancing the broader digital asset market. We have been working for years to build infrastructure to grow the digital asset market and today's news marks a significant milestone."

On Friday, December 1, Cboe announced that CFE had filed a product certification with the Commodity Futures Trading Commission (CFTC) to offer bitcoin futures trading2. More information on XBT futures is available at www.cboe.com/xbt.

Over the last five years, the total value of all bitcoin outstanding (i.e., "market capitalization") has grown from less than $1 billion to over $183 billion3 with daily notional turnover over $10 billion. The total value of all cryptocurrency tokens outstanding is now approximately $332 billion.

About Cboe Global Markets, Inc.

Cboe Global Markets, Inc. (Cboe: CBOE | Nasdaq: CBOE) is one of the world's largest exchange holding companies, offering cutting-edge trading and investment solutions to investors around the world. The company is committed to relentless innovation, connecting global markets with world-class technology, and providing seamless solutions that enhance the customer experience.

Cboe offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, U.S. and European equities, exchange-traded products (ETPs), global FX and multi-asset volatility products based on the Cboe Volatility Index (VIX Index), the world's barometer for equity market volatility.

Cboe's trading venues include the largest options exchange in the U.S. and the largest stock exchange by value traded in Europe. In addition, the company is the second-largest stock exchange operator in the U.S. and a leading market globally for ETP trading.

The company is headquartered in Chicago with offices in Kansas City, New York, London, San Francisco, Singapore, Hong Kong and Quito, Ecuador. For more information, visit www.cboe.com.

About Gemini Trust Company, LLC

Gemini Trust Company, LLC (Gemini) is a digital asset exchange and custodian that allows customers to buy, sell, and store digital assets such as bitcoin and ether. Gemini is a New York trust company that is subject to fiduciary obligations, capital reserve requirements, and banking compliance standards of the New York State Department of Financial Services. Gemini was founded in 2014, by brothers Cameron and Tyler Winklevoss, to build a bridge to the future of money. For more information, visit Gemini.com.