Confirming its intention to launch options on bitcoin, the Chicago Mercantile Exchange (CME Group) noted that it would not follow the path of a competitor in the form of the Bakkt platform and would refuse to trade in deliverable futures. The director of alternative investment products CME Group Tim McCourt said this in an interview with Markets Media .
“Since the launch of bitcoin futures in December 2017, our customers have been most interested in options for these futures, ” he said.
CME Group conducts calculations on bitcoin futures in fiat, and the company will follow the same approach with respect to options. As McCourt noted, guided by the needs of customers when developing new products, the company does not plan to launch supply contracts for bitcoin.
Since the launch of bitcoin futures, CME has attracted more than 3,300 individual investors. This year, on average, the company processed about 7 thousand contracts for a total of 35,000 BTC.
According to McCourt, new options can use existing technology, an application matching engine and clearing mechanisms. Currently, the exchange is conducting standard instrument testing procedures.
“Institutional interest in bitcoin is growing, but investors need time to get to know the market and get permission to use new products, ” he said.
The fact that the CME Group line of cryptocurrency derivatives will have options for bitcoin, first became known in early September.
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