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Canadian Exchange TMX Soon to Start Bitcoin Futures Trading

The futures contracts will trade on the Montreal Exchange and will be cash-settled and denominated in U.S. dollars, the exchange said.

By Krisztian Sandor
AccessTimeIconOct 3, 2023 at 4:52 p.m. UTC
Updated Oct 3, 2023 at 7:52 p.m. UTC
(Pixabay)
(Pixabay)
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TMX Group, the largest Canadian exchange, said Tuesday its derivatives trading platform will soon introduce bitcoin (BTC) futures contracts.

"Montréal Exchange (MX) is launching the Bitcoin Price Index Futures to meet rising market demand for digital cryptocurrency asset classes," an announcement on the firm's website said. "Despite growing interest, investors face limitations when evaluating vehicles to manage their exposure to bitcoin price movements."

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    • The futures will be cash settled in U.S. dollars, meaning that dollars change hands at settlement instead of the underlying instrument (bitcoin, in this case). The futures settlement value will be determined by the CoinDesk Bitcoin Price Index (XBX), crafted by CoinDesk Indices, a subsidiary of CoinDesk.

    The development comes as traditional financial firms continue expanding their digital asset services. The Chicago Mercantile Exchange (CME), already a key venue in the U.S. to trade BTC futures, earlier this year added to its lineup with ether-to-bitcoin ratio futures.

    Edited by Stephen Alpher.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Krisztian Sandor
    Krisztian Sandor

    Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

    Follow @sndr_krisztian on Twitter

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