Cboe Futures Exchange Launches Trading in Cboe FTSE Bitcoin Index Futures
Cboe Global Markets has launched new Cboe FTSE Bitcoin Index futures trading on Cboe Futures Exchange. The cash-settled futures are based on the FTSE Bitcoin Reduced Value Index (XBTF) and represent the latest addition to Cboe's digital asset derivatives suite.
Key features of the new futures include:
- Cash settlement at expiration, eliminating physical bitcoin delivery complexities
- Clearing through OCC, alongside existing CBTX and MBTX options
- Settlement occurs P.M. on each month's last business day
- Based on XBTF Index representing 1/10th of FTSE Bitcoin Index value
The launch complements Cboe's existing bitcoin products, including spot bitcoin ETFs and bitcoin ETF index options. Market makers Barak Capital and Prime Trading will provide liquidity for the new futures product, aiming to support efficient bitcoin exposure and risk management in a regulated marketplace.
Cboe Global Markets ha lanciato i nuovi futures sull'indice Cboe FTSE Bitcoin negoziati sul Cboe Futures Exchange. Questi futures regolati in contanti si basano sull'indice FTSE Bitcoin Reduced Value (XBTF) e rappresentano l'ultima aggiunta alla suite di derivati su asset digitali di Cboe.
Le caratteristiche principali dei nuovi futures includono:
- Regolamento in contanti alla scadenza, eliminando le complessità legate alla consegna fisica di bitcoin
- Compensazione tramite OCC, insieme alle opzioni CBTX e MBTX già esistenti
- Il regolamento avviene nel pomeriggio dell'ultimo giorno lavorativo di ogni mese
- Basato sull'indice XBTF che rappresenta 1/10 del valore dell'indice FTSE Bitcoin
Il lancio integra i prodotti bitcoin già offerti da Cboe, inclusi ETF spot su bitcoin e opzioni su indici ETF bitcoin. I market maker Barak Capital e Prime Trading forniranno liquidità per il nuovo prodotto futures, con l’obiettivo di supportare un’esposizione efficiente al bitcoin e la gestione del rischio in un mercato regolamentato.
Cboe Global Markets ha lanzado los nuevos futuros del índice Cboe FTSE Bitcoin que se negocian en el Cboe Futures Exchange. Estos futuros liquidados en efectivo se basan en el índice FTSE Bitcoin Reduced Value (XBTF) y representan la última incorporación a la gama de derivados de activos digitales de Cboe.
Las características clave de los nuevos futuros incluyen:
- Liquidación en efectivo al vencimiento, eliminando las complejidades de la entrega física de bitcoin
- Compensación a través de OCC, junto con las opciones CBTX y MBTX existentes
- La liquidación se realiza por la tarde en el último día hábil de cada mes
- Basado en el índice XBTF que representa 1/10 del valor del índice FTSE Bitcoin
El lanzamiento complementa los productos bitcoin existentes de Cboe, incluidos los ETF spot de bitcoin y las opciones sobre índices de ETF de bitcoin. Los creadores de mercado Barak Capital y Prime Trading proporcionarán liquidez para el nuevo producto de futuros, con el objetivo de apoyar una exposición eficiente a bitcoin y la gestión de riesgos en un mercado regulado.
Cboe Global Markets가 Cboe FTSE 비트코인 지수 선물 거래를 Cboe 선물거래소에서 시작했습니다. 현금 결제 방식의 이 선물은 FTSE 비트코인 축소 가치 지수(XBTF)를 기반으로 하며, Cboe의 디지털 자산 파생상품 라인업에 새롭게 추가된 상품입니다.
새 선물의 주요 특징은 다음과 같습니다:
- 만기 시 현금 결제로 비트코인 실물 인도 복잡성 제거
- 기존 CBTX 및 MBTX 옵션과 함께 OCC를 통한 청산
- 매월 마지막 영업일 오후에 결제 진행
- FTSE 비트코인 지수 값의 1/10을 나타내는 XBTF 지수 기반
이번 출시는 현물 비트코인 ETF 및 비트코인 ETF 지수 옵션 등 Cboe의 기존 비트코인 상품을 보완합니다. 시장 조성자 Barak Capital과 Prime Trading이 새 선물 상품에 유동성을 제공하여 규제된 시장에서 효율적인 비트코인 노출 및 리스크 관리를 지원할 예정입니다.
Cboe Global Markets a lancé les nouveaux futures sur l’indice Cboe FTSE Bitcoin négociés sur le Cboe Futures Exchange. Ces contrats à terme réglés en espèces sont basés sur l’indice FTSE Bitcoin Reduced Value (XBTF) et constituent la dernière addition à la gamme de dérivés d’actifs numériques de Cboe.
Les principales caractéristiques des nouveaux futures sont :
- Règlement en espèces à l’échéance, éliminant les complications liées à la livraison physique de bitcoins
- Compensation via l’OCC, en complément des options CBTX et MBTX existantes
- Le règlement a lieu l’après-midi du dernier jour ouvrable de chaque mois
- Basé sur l’indice XBTF représentant 1/10 de la valeur de l’indice FTSE Bitcoin
Ce lancement complète les produits bitcoin existants de Cboe, incluant les ETF bitcoin au comptant et les options d’indices d’ETF bitcoin. Les teneurs de marché Barak Capital et Prime Trading assureront la liquidité du nouveau produit futures, visant à soutenir une exposition efficace au bitcoin et la gestion des risques dans un marché réglementé.
Cboe Global Markets hat neue Cboe FTSE Bitcoin Index Futures eingeführt, die an der Cboe Futures Exchange gehandelt werden. Die bar abgerechneten Futures basieren auf dem FTSE Bitcoin Reduced Value Index (XBTF) und stellen die neueste Ergänzung des digitalen Asset-Derivateangebots von Cboe dar.
Wichtige Merkmale der neuen Futures sind:
- Barabrechnung bei Fälligkeit, wodurch die Komplexität der physischen Bitcoin-Lieferung entfällt
- Clearing über die OCC, neben den bereits bestehenden CBTX- und MBTX-Optionen
- Die Abrechnung erfolgt am Nachmittag des letzten Handelstages eines jeden Monats
- Basierend auf dem XBTF-Index, der 1/10 des Wertes des FTSE Bitcoin Index repräsentiert
Der Start ergänzt die bestehenden Bitcoin-Produkte von Cboe, darunter Spot-Bitcoin-ETFs und Bitcoin-ETF-Indexoptionen. Die Market Maker Barak Capital und Prime Trading werden Liquidität für das neue Futures-Produkt bereitstellen, um eine effiziente Bitcoin-Exponierung und Risikomanagement in einem regulierten Markt zu unterstützen.
- Launch of new cash-settled Bitcoin futures product expands Cboe's crypto derivatives portfolio
- Partnership with established market makers (Barak Capital and Prime Trading) ensures liquidity
- Product complements existing bitcoin ETFs and ETF index options, creating a comprehensive suite
- Centralized clearing through OCC reduces counterparty risk
- Cash settlement eliminates operational complexities of physical bitcoin delivery
- Heavy dependence on bitcoin market performance and crypto market volatility
- Competitive pressure from existing bitcoin futures products in the market
Insights
Cboe launches cash-settled Bitcoin futures, expanding its crypto derivatives suite with a more accessible product offering simplified Bitcoin exposure through regulated markets.
Cboe's launch of FTSE Bitcoin Index futures represents a strategic expansion of their crypto derivatives ecosystem. These cash-settled contracts eliminate the operational complexities of physically delivering bitcoin at expiration - a significant benefit for traditional financial institutions that may lack cryptocurrency custody capabilities.
The product is designed with accessibility in mind, representing 1/10th the value of the FTSE Bitcoin Index, potentially lowering barriers to entry for market participants. The P.M. settlement on the last business day of each month aligns with standard derivatives practices, facilitating integration with existing trading systems and processes.
This launch complements Cboe's existing crypto products, including spot bitcoin ETFs and bitcoin ETF index options. The presence of established market makers (Barak Capital and Prime Trading) suggests reasonable initial liquidity support, which is crucial for any new derivatives contract.
The centralized clearing through OCC, which also clears Cboe's CBTX and MBTX options, provides standardized risk management and counterparty protection. This infrastructure allows traders to implement more sophisticated strategies across Cboe's product suite, including hedging and volatility plays.
This product launch follows the natural evolution of cryptocurrency market structure development, providing another regulated avenue for institutional bitcoin exposure without requiring direct cryptocurrency handling.
- New Cboe FTSE Bitcoin Index futures begin trading on Cboe Futures Exchange
- Product adds to Cboe's bitcoin product suite, accompanying spot bitcoin ETFs and bitcoin ETF index options
- Offers cash-settlement, eliminating complexities of physically delivering bitcoin at expiration
Exclusively listed on Cboe Futures Exchange, LLC (CFE), the new XBTF futures are expected to provide market participants with another versatile tool to express views on bitcoin or manage risk. XBTF futures are cash-settled contracts, meaning positions are closed in cash at expiration, removing the complexities of physically delivering bitcoin.
"As customer demand for crypto-based derivatives continues to rise, Cboe is committed to building a well-rounded ecosystem to help facilitate more efficient, flexible access to bitcoin exposure and risk management," said Catherine Clay, Global Head of Derivatives at Cboe. "Our launch of the new Cboe FTSE Bitcoin Index Futures adds a key building block to our crypto derivatives toolkit -- offering market participants another versatile tool to gain and seek to hedge bitcoin exposure, all within a regulated and transparent marketplace, with centralized clearing."
The introduction of XBTF futures follows Cboe's earlier launch of cash-settled options on the Cboe Bitcoin
Commenting on the launch, Barak Capital said: "As investor participation in digital assets has grown and become more institutionalized, the ability to access efficient and stable markets is paramount. As a leading market maker, the Barak Capital group has been an established liquidity provider for Cboe's markets for years. We look forward to acting as a liquidity provider in Cboe FTSE Bitcoin Index futures and to supporting Cboe's market in this product."
Tom Chlada, Chief Operating Officer at Prime Trading, LLC, said: "Prime Trading, LLC is excited to support Cboe's continued expansion of its crypto derivatives product suite and to act as a liquidity provider in the new XBTF futures. We are strongly aligned with Cboe's efforts to grow the crypto derivatives market and look forward to working with Cboe to provide its customers with a best-in-class trading experience."
XBTF futures are settled in the afternoon (P.M) on the last business day of each month. They are based on the XBTF Index – developed by FTSE Russell in collaboration with Digital Asset Research – which represents 1/10th the value of the FTSE Bitcoin Index. For more information on the new Cboe FTSE Bitcoin Index futures, visit Cboe's website.
About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing, and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX across
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[1] Represents 1/10th the value of the FTSE Bitcoin Index.
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FAQ
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