The chart below plots the price of Bitcoin from July 2010 to November 2017. The price on the Y-axis is plotted on a logrithmic scale (as the price has grown exponentially).
The following table gives the contract specifications for the proposed cash-settled CME Bitcoin futures.
|Contract Unit||5 bitcoin, as defined by the CME CF Bitcoin Reference Rate (BRR)|
|Minimum Price Fluctuation||Outright: $5.00 per bitcoin = $25.00 per contract
Calendar Spread and Basis Trade at Index Close (BTIC): $1.00 per bitcoin = $5.00 per contract
|Trading Hours||CME Globex and CME ClearPort: 5:00 p.m. – 4:00 p.m. CT Sunday – Friday
BTIC: 5:00 p.m. – 10:00 a.m. or 11:00 a.m. CT (4:00 p.m. London Time) Sunday – Friday
|Product Code||Outright: BTC
|Listing Cycle||Nearest 2 months in the March Quarterly cycle (Mar, Jun, Sep, Dec) plus the nearest 2 “serial” months not in the March Quarterly cycle.
Contract months for initial listing: Dec 2017, Jan 2018, Feb 2018, Mar 2018.
|Termination of Trading||Last Day of Trading is the last Friday of contract month.
Trading in expiring futures terminates at 4:00 p.m. London time on Last Day of Trading.
|Position Limits||Spot Position Limits are set at 1,000 contracts. A position accountability level of 5,000 contracts will be applied to positions in single months outside the spot month and in all months combined. The reportable level will be 25 contracts.|
|Block Minimum||5 contracts|
|Price Limits||Price limits for a given Business Day are made by reference to the most recent Bitcoin Futures settlement price, settled at 4:00 p.m. London time each Business Day.
Special price fluctuation limits equal to 7% above and below prior settlement price and 13% above and below prior settlement price and a price limit of 20% above or below the previous settlement price. Trading will not be permitted outside the 20% above and below prior settlement price.
|Settlement||Cash settled by reference to Final Settlement Price, equal to the CME CF Bitcoin Reference Rate (BRR) on Last Day of Trading.|
Further info on Bitcoin futures at the CME web site.
The following chart shows the performance of the FTSE 100 Index so far in 2013 in Bitcoins. In other words, it shows the returns a Bitcoin invester would have seen investing in the UK market.
The FTSE 100 started 2013 at 6107, for a Bitcoin investor the effective FTSE 100 value by 12 April 2013 would be 1055.
NB. The situation is changing fast. When we started creating the above chart the Bitcoin price was 86USD, 15 minutes later it was at 77USD.