CBOE in the race to list the first Bitcoin ETF.

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27 Dec 2017, 23:49

The Chicago Board Options Exchange (CBOE) hopes to be the first US exchange to list a Bitcoin ETF, an exchange-traded fund that tracks Bitcoin futures.

CBOE files to list Bitcoin ETF According to documents posted on the exchange operator's website, CBOE has filed several rule change proposals with the US Securities and Exchange Commission (SEC) that would allow the exchange to list six Bitcoin ETFs on its platform negotiation.

Specifically, CBOE seeks to list Bitcoin ETFs with First Trust, GraniteShares and REX fund providers. None of these funds will hold the bitcoin directly; instead, they will trade futures, which means that their performance may differ significantly from that of the asset itself. Notably, each of these fund providers has filed a "short" Bitcoin ETF that will track the inverse of the index, which will allow investors to benefit from the decline in the value of Bitcoin futures.

Trade is waiting for SEC decisions CBOE was the first US exchange to list bitcoin futures, beating its Chicago team mate by a full week. Exchange executives have already hinted that they are hoping to launch a family of cryptocurrency derivatives, clearly showing that the exchange wants to position itself at the forefront of the decentralized financial revolution. But while CBOE was able to get the rabbit out of its hat and become the first stock exchange to list future bitcoin, it faces stiff competition in the race to launch the first Bitcoin ETF. Intercontinental Exchange (ICE), the operator of the New York Stock Exchange (NYSE), has already filed with the SEC the list of two Bitcoin ETFs offered by ProShares on NYSE Arca.

Nevertheless, although stock exchanges are entering the list of early Bitcoin ETFs, the SEC has not yet indicated whether it will approve these retail investment products. SEC regulators have been relatively accommodating to the nascent cryptocurrency industry, but the current volatility of bitcoin may make them hesitant to allow fund providers to wrap cryptocurrencies in Main Street investor products .

AUTHOR Josiah Wilmoth

“Le problème avec la folie des grandeurs, c'est qu'on ne sait pas où finit la grandeur et où commence la folie.”

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