Intercontinental Exchange (ICE), has recently issued two new filings with CFT to device Bitcoin future treaties in alliance with Bakkt, ICE Futures US and ICE Clear US.
Bakkt, the long-awaited crypto dealing forum from ICE, has proclaimed a new objective time-frame for its launch, i.e., July.
The company is closely working with CFTC to launch new products, daily and monthly Bitcoin futures agreements in the market, after following multiple suspensions since December 2018.
In order to address the apprehensions of CFTC, the new filings for the physically-settled Bitcoin futures agreements provide details to numerous security measures.
Detailed outline includes
Explanation of Agreements, Supervision, and Payment
Improvements of the Rules and Rule by Setting terms and conditions for Agreements
Sketching of Clearing Procedure
Admission to Information about Cash Market and its Contributors
Reporting of Deals with Third Parties to Permit Operating Duties
Discussions with Market Specialists
According to Bakkt, it will add thirty-five million dollars ($35) to the clearinghouse threat waterfall as it supports their market reliability interests and security.
A united safekeeping service will be set up by Bakkt’s to ensure physical distribution and confident storing of bitcoin after approval from the regulatory body. Custody will be maintained by insurance, cyber-security, and compliance.
Bakkt’s rival firm ErisX has also publicized its plans of launch in the near future. The CEO of ErisX stated that the firm is all set for launch.
Both Bakkt and ErisX are planning to help to mainstream crypto by join forces with watchdogs. Efforts like these will bring in new crypto services and recognized stockholders.