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Bakkt launches options and cash-settled futures products

Tue, 10 Dec 2019, 05:18 am UTC

Intercontinental Exchange’s bitcoin subsidiary Bakkt has announced the launch of options and cash-settled futures products.

Bakkt’s bitcoin daily and monthly futures went live in September this year. In an online post dated Dec. 09, Bakkt has now announced the launch of the two new products that use its benchmark physically settled bitcoin contracts.

Just as the parent firm ICE has launched several oil contracts across futures, options and swaps based on its benchmark Brent Crude Oil Futures contract, Bakkt said that it is using a “similar playbook” to expand its offerings.

“By starting with the physically delivered Bakkt Bitcoin (USD) Monthly Futures, we have a benchmark contract that provides the foundation for us to develop complementary products based on the needs of our customers,” it added.

As per the details, Bakkt Bitcoin (USD) Monthly Options is the first CFTC regulated option on futures contract for bitcoin, offering hedging, trading and income-generating opportunities to market participants worldwide. It is based on the benchmark Bakkt Bitcoin (USD) Monthly Futures contract and settles into the underlying futures contract two days prior to expiry on ICE Futures U.S.

Bakkt Bitcoin (USD) Cash Settled Futures is an alternative for participants who are unable to trade Bakkt’s physically delivered contract. Available on ICE Futures Singapore, this contract leverages the settlement price of the benchmark Bakkt Bitcoin (USD) Monthly Futures.

“These new contracts represent an important milestone in the development of this emerging asset class and our bitcoin product complex. Backed by the strong support and commitment of the Intercontinental Exchange team, we have great momentum going into 2020 and an exciting product roadmap that includes new trading products, an expanded custody offering, an innovative consumer payments app, and more,” Bakkt concluded.

Meanwhile, derivatives marketplace CME Group has set Jan. 13 as the target date for the launch of options on its bitcoin futures contracts. Crypto exchange OKEx is also launching options trading this month.

Last week, Bakkt CEO Kelly Loeffler was appointed as U.S. Senator by Georgia governor Brian Kemp. Loeffler’s appointment will come into effect on Jan. 1.

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