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Wall Street banks push back on launch of bitcoin futures
By Philip Stafford
Financial Times, London
Thursday, December 7, 2017
The world's largest banks are pushing back on the introduction of bitcoin futures, raising concerns with U.S. regulators that the financial system is ill-prepared for the launch of the contracts as the value of the volatile cryptocurrency has soared.
The price of bitcoin has risen to a new high of more than $15,000 on several exchanges. Institutional investors have been keen to trade the asset but only via a regulated market.
However, the planned launch in the next 10 days of futures contracts by the Chicago exchanges CME Group and CBOE Global Markets, given a green light from the Commodity Futures Trading Commission last week, has prompted a backlash among the major brokers who backstop trading across the industry.
According to a draft letter to the CFTC from the Futures Industry Association, the main futures industry lobby group whose members include all the largest Wall Street banks, the rapid introduction of bitcoin futures "did not allow for proper public transparency and input."
The lobby group represents some of the world's largest brokers, including Goldman Sachs, Morgan Stanley, JPMorgan, and Citigroup. ...
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