The contracts, which will launch on the Chicago Mercantile Exchange (CME) in the fourth quarter of 2017, pending regulatory approvals, will be cash settled and will reference the CME Crypto Facilities (CF) Bitcoin Reference Rate.
The benchmark, which was launched by the CME and CF in November 2016, had been cited as a major step forward in legitimizing bitcoin. The reference rate aggregates the price of bitcoin among the major digital currency exchanges and publishes a price at 4pm London time.
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