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Cryptocurrency Derivatives Series: Just 3-Days Away From Bakkt’s BTC Futures Launch, Spot on Some Key Intricacies
Intercontinental Exchange (ICE), the creator of New York Stock Exchange (NYSE) now backed Bakkt, a bitcoin futures exchange for physical delivery. It is all set to take-off as scheduled for September 23rd, and is expected to bring tangible institutional investment into the crypto space.
Bakkt equips the Bitcoin’s Daily (BTC) and Monthly Futures contracts (BTM) for the physical delivery through secure, regulated custody.
Let's just quickly glance at the contract's key specifications:
Monthly Contract Features:
• Contract size: 1 bitcoin
• Block trade minimum: 10 lots
• Minimum tick size: $2.50
• Delivery: $9.75 per contract (waived through December 31st, 2019)
• Market maker programs and volume-based pricing
• Trading hours: 8:00 pm to 6:00 pm EPT Sunday to Friday
• Daily settlement: 4:58pm to 5:00pm EPT
• IP address and withdrawal address whitelisting
• Annual operational and security audits
• Trading and Clearing: $1.00 per BTC contract and $1.25 per BTM contract (waived through December 31st, 2019)
There have Thomas Lee, the CEO of Fundstrat has revealed his views on this via twitter handle that he is “very positive” about the Bakkt launch because of the impact it will have on institutional investment.
While the company appears to be confident that it is likely to abide by the high level of compliance, ensure surveillance and regulatory standards for digital asset markets.
Customers’ bitcoin will be stored in the Bakkt Warehouse, which is operated by a limited purpose trust company regulated by the New York State Department of Financial Services (NYDFS), that will serve as a qualified custodian.
ICE Futures U.S. and ICE Clear US are accessible by qualified market participants in the U.S. and internationally.