delivery futures
The cryptocurrency platform of the owner of the New York Stock Exchange Bakkt this Monday reported on the start of testing its Bitcoin futures contracts according to a previously announced plan.
"Testing passes according to plan with participants from different parts of the world," the company wrote in its Twitter .
Bakkt also confirmed that she began testing two types of contracts: with daily and monthly settlements. Futures are traded on the ICE Futures US site and are cleared using the ICE Clear US infrastructure, the Intercontinental Exchange’s own clearing house.
The company expects to attract the interest of institutional investors by offering them the first in the US market regulated supply futures on Bitcoin (BTC) , that is, the contracts that are settled in the underlying asset. How exactly will be tested, Bakkt does not specify.
Initially it was assumed that the launch of the platform will take place in December 2018. Later, against the background of regulatory difficulties, the discovery was postponed to January 2019, and then indefinitely.
In May, Bakkt announced that it would undergo a procedure of self-certification of its contracts, bypassing the approval of the Commodity Futures Trading Commission (CFTC). Self-certification implies that the company guarantees the CFTC full legal compliance of the proposed tools. In this case, the CFTC is considering an application for certification, but it can not prevent the launch of products, if it does not reveal regulatory violations.
Bakkt’s Bitcoin Futures listing also requires a trust company license, for which she applied to the New York State Department of Financial Services.
Earlier, Fundstrat Global Advisors strategist Sam Doctor said that the full launch of Bakkt Bitcoin futures is expected in the current quarter.
Posted July 07, 2019
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