Despite the ongoing work of Bakkt with the Commodity Futures Trading Commission (CFTC), the platform provides clients with preliminary information on trading rules. The new enterprise will be, according to the creators, a kind of general store that helps stabilize the price of cryptocurrency and operates in a regulated market. Bakkt Exchange will offer physical one-day futures contracts.
The cryptocurrency platform of the operator of the New York Stock Exchange Bakkt presented new details of its bitcoin-futures product, which, as previously assumed, was supposed to start on January 24th. Although the information presented does not fundamentally change anything, market participants may be interested to get acquainted with some details of the contracts.
According to the publication, the displayed product name on the ICE platform will be “Bakkt BTC (USD) Daily Future”. Each contract will cost 1 BTC and be calculated on the basis of the price in US dollars with two decimal places. The minimum price fluctuation recorded is $ 2.50 per bitcoin . For large transactions from 10 BTC, it is possible to determine the price with an accuracy of $ 0.01.
Bakkt will not set daily limits on price fluctuations, but will set a limit of 100,000 lots per position for any given date. Participants in transactions from each of the parties will pay $ 0.50 commission, which will go to cover the costs of clearing and exchange.
Trading on Bakkt will be conducted from 20:00 to 18:00 the next day, New York time, and all calculations will be made from 16:58 to 17:00. Preliminary opening of trading will be carried out at 19:55. As previously reported, every day Bakkt will list a new Bitcoin futures contract for the technical implementation of trade.
Despite the obvious willingness to start trading, Bakkt has to wait for permission from the US Commodity Futures Trading Commission (CFTC), which was not issued in a timely manner due to the suspension of the US government. Nevertheless, the company claims that it does not freeze development, despite the forced change of plans.
At the end of last year, Bakkt closed its first round of fundraising, collecting $ 182.5 million. Later, the platform announced the acquisition of assets of an authorized intermediary in forward stock exchange operations of the Rosenthal Collins Group, and recently announced the recruitment of new employees.
Share this material on social networks and leave your opinion in the comments below.
