ICE Futures Singapore to launch first-ever cash settled Bitcoin contract
Intercontinental Exchange Inc. [ICE] has announced the launch of Bakkt Bitcoin [USD] Cash Settled Monthly Futures contracts which will be listed on ICE Futures Singapore and cleared by ICE Clear Singapore. This will be regulated by the Monetary Authority of Singapore [MAS], which is Singapore’s equivalent of a central bank.
According to the official press release, Bakkt Bitcoin Cash Settled Monthly Futures will be settled against data from physically delivered Bakkt Bitcoin [USD] Monthly Futures contracts and will be the first fully regulated Futures market for digital assets. Following the announcement, Lucas Schmeddes, President & COO of ICE Futures and Clear Singapore, stated,
“Our new cash settled futures contract will offer investors in Asia and around the world a convenient, capital efficient way to gain or hedge exposure in bitcoin markets. Building off the success of our deliverable futures contract, the cash settled futures will leverage ICE’s regulated, globally-accessible market to offer a safe, secure and compliant environment for the trading of bitcoin.”
The press release also revealed that ICE Futures Singapore plans to list the contract on December 9, 2019, after the close of consultation and all the necessary approvals are obtained for the rule changes.
This story is being updated….
OhNoCrypto
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Chayanika Deka, Khareem Sudlow
