The Bakkt bitcoin cash-settled monthly futures contract will be settled against data from the physically delivered Bakkt bitcoin monthly futures contract, it said in a press statement on Friday . The contracts will be in US dollars.
The new contract will be listed on ICE Futures Singapore and cleared by ICE Clear Singapore, which are regulated by the Monetary Authority of Singapore . This comes against the backdrop of MAS's new consultation paper on Wednesday, to allow the trading of derivatives, such as bitcoins and similar cryptocurrencies, on exchanges - including ICE - approved by the central bank.
"Our new cash-settled futures contract will offer investors in Asia and around the world a convenient, capital efficient way to gain or hedge exposure in bitcoin markets," said Lucas Schmeddes, president and chief operating officer of ICE Futures and Clear Singapore. The Atlanta-based exchange, which also owns the New York Stock Exchange, will still offer futures settled in physical bitcoins out of the US, and the launch will see the new cash-settled product traded in addition to the physically settled bitcoin futures.
ICE Futures is the first of the four MAS-approved exchanges to announce the launch of a regulated futures contract for payment tokens such as bitcoin. The Singapore Exchange currently has no plans to launch payment token derivatives, it said in a previous email to The Business Times.MAS said on Wednesday that there is increasing demand from institutional investors for a regulated product to gain and hedge their exposure to these payment tokens.
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