Exchange operators believe in cryptocurrencies: CBOE

Technology


(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, stock exchange operator BATS Global Markets Inc’s Chief Executive said on Tuesday.

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

Speaking on a conference call for BATS’ parent company CBOE Global Markets Inc (CBOE.O), the owner of Chicago Board Options Exchange, Christopher 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. (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. [nL4N1N65PG]

Writing by Patrick Graham; Editing by Saumyadeb Chakrabarty

Our Standards:The Thomson Reuters Trust Principles.



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