The much anticipated cryptocurrency platform Bakkt, subsidiary of Intercontinental Exchange — which is New York Stock Exchange’s (NYSE) operator —, is still waiting for regulatory approval from the US Commodity Futures Trading Commission (CFTC) to start offering its services.
Nonetheless, in the meanwhile, it is moving on with some work.
It has raised almost $200 million in funding last month, has posted work vacancies to hire blockchain developers and other specialists and has now released some details regarding its Bitcoin futures product.
The following are some examples:
- It will offer one-day, physically delivered futures;
- The trading screen product name of the contracts will be "Bakkt BTC (USD) Daily Future";
- Each contract will match 1 Bitcoin in size;
- The price quotation will be shared in US dollars per Bitcoin to 2 decimal places;
- The minimum price fluctuation will be $2.50 per Bitcoin (per contract);
- There will be no daily price limit;
- Every exchange business day will be eligible for contract dates;
- A $0.50 combined exchange and clearing fee per side will be charged by the exchange;
- Block trade will be limited to a minimum of 10 blocks;
- Positions will be limited to 100,000 lots in any contract date.
These specifications were published on Intercontinental Exchange’s website and can be checked here. With all these details it seems that the platform is only waiting for CFTC’s consent to start operating.
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