According to the Financial Times, CME Group, the world’s largest futures exchange, is planning to launch bitcoin trading, aiming to capitalize on the increased demand for exposure to cryptocurrencies among Wall Street fund managers this year. According to three sources familiar with the matter, CME has been in discussions with traders who want to buy and sell cryptocurrencies on regulated markets.
This yet-to-be-finalized plan would represent a further incursion by major Wall Street institutions into the digital assets space, following the approval of a bitcoin spot ETF by the US Securities and Exchange Commission (SEC) in January.
CME already offers bitcoin futures trading, and introducing bitcoin spot trading on the platform would make it easier for investors to engage in so-called basis trades.
Catering primarily to hedge funds and proprietary trading firms, CME has approximately 26,000 open futures contracts on its Chicago market, worth around $8.5 billion, more than double the amount from a year ago.
Sources indicate that the potential spot trading business of the company would be conducted through the EBS currency trading platform in Switzerland, which has strict regulations on trading and storing cryptocurrencies.
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