Exchange operators believe in cryptocurrencies: CBOE

Bitcoins are seen in this illustration picture
Bitcoins are seen in this illustration picture taken September 27, 2017. REUTERS/Dado Ruvic/Illustration

November 7, 2017

(Reuters) – The major futures exchanges believe in the development of cryptocurrency trading and will push on with launching exchange traded funds that allow investors to trade in them, chief operating officer and president of Cboe Global Markets said on Tuesday.

Speaking on a conference call after the company’s third quarter results, Chris Concannon and other executives declined to say when they expected regulatory approval for a bitcoin exchange traded fund they announced earlier this year.

But his tone contrasted with the dismissal of bitcoin as a major financial market by some senior bankers.

“Over time, we do envision (our bitcoin) ETF coming to market once the regulated futures market is built and … we’re encouraged by everyone’s focus on this space,” Concannon said.

“Overall, the crypto currency space is the space that I think we believe in and certainly our competitor across town believes in as well and I’m just encouraged by that validation.”

Cboe recently signed a deal with cryptocurrency exchange Gemini for bitcoin data that will support the Chicago bourse’s plans to list bitcoin derivatives. (http://reut.rs/2iBxSTn)

Rival CME Group Inc <CME.O>, the world’s largest derivatives exchange operator, said last month it will launch a futures contract for bitcoin later this year, marking a major step in the digital currency’s path toward legitimacy.

(This version of the story corrects title of Chris Concannon in first paragraph; removes reference to BATS Global Markets)

(Writing by Patrick Graham; Editing by Saumyadeb Chakrabarty)

  • Localdude

    bitcoin derivatives. sounds like a repackaged train wreck. especially in unsecured, non government backed, cyberspace…can you say find the peanut? never cease to amaze, these fellows..

    • JustmJustm

      Thanks Bit coin WAS launched because the 08 crash what almost ended the dollar and the REAL financial caps was only 2-3 hrs away But of course no one wants to discuss it!
      NOBODY WANTS GOVERNMENT “BACKING ”
      they WANT THE IRS. OUT OF THEY HAIR

      EITHER THEY HAVE SOME OR NONE. / hair/

      • Localdude

        …ok, since its all in caps..you must be right…yeh. I trust the government not…wallstreet and the free market traders LESS…so, it’ll be all good…till your bits have vanished and bit don’t exist…then it not all good, at all. waddya gunna do then amigo?

        • JustmJustm

          Listen Bit coin the last week went from 5000+ to 6100+
          And within 24 HRS went to 7300$+-
          I just got into it a week ago man I F money hand over fist!
          Get in while you can!
          This in crypto currency terms a golden age of the BEGINNING of the gold rush in California!
          Those who got there firs got the gold pot the rest sucked on a nut….

          • Localdude

            yeh, been at the game awhile. every reason to believe it will go for a while as well. I hope your right, enjoy.