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BTC & XBT Futures

BTC Futures
The CME Group contract (symbol “BTC”) will be available for trading on December 18, 2017, building off of the success of the BRR and demand for a regulated trading venue for the digital asset market. The contract will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR) which serves as a once-a-day reference rate of the U.S. dollar price of bitcoin. Bitcoin futures will be listed on and subject to the rules of CME.2
According to the CME Group website, margins will be calculated using CME’s standard benchmarking process for newly-launched contracts. As of December 1, 2017 the estimate of initial margin that CME Clearing would require is 35%, though this is subject to change. Margin offsets with other CME products will not be offered initially. Additionally, FCMs may require a margin level beyond CME Clearing’s minimum requirement.
XBT Futures
Cboe Futures Exchange, LLC (CFE) plans to launch trading in Cboe bitcoin futures at 5:00 p.m. Central Time on December 10 under the ticker symbol “XBT”. XBT℠ futures are cash-settled contracts based on the Gemini’s auction price for bitcoin, denominated in U.S. dollars. Gemini Trust Company, LLC (Gemini) is a digital asset exchange and custodian founded in 2014 that allows customers to buy, sell, and store digital assets such as bitcoin, and is subject to fiduciary obligations, capital reserve requirements, and banking compliance standards of the New York State Department of Financial Services.3
Cboe has set the initial margin at 44% of the current daily settlement price.



Bitcoin Futures Contract Specifications

CFE Bitcoin Futures

CME Group Bitcoin Futures

Name

Cboe Bitcoin (USD) Futures

Bitcoin Futures

Listing Date

December 10, 2017

December 18, 2017

Platform

Cboe Command

CME Globex

Symbol

XBT

BTC

Quantity

1 BTC

5 BTC

Valuation

Gemini auction price for BTC in U.S. dollars

CME CF BTC Reference Rate (BRR)

Tick Size

$10.00

$5.00

Tick Value

$10.00

$25.00

Settlement

Financial

Financial

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Tuesday to Friday: 3:30 p.m. CST to 3:15 p.m. CST

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