Exchanges and FCMs clash over bitcoin clearing carve-out

Market participants say CME, CBOE should clear bitcoin futures separately

The December listing of bitcoin futures by two of the world’s largest exchange operators drew more interest from market participants than many product launches in recent times – and not always of the kind their proprietors had hoped. CME Group and CBOE Global Markets saw their members and other stakeholders criticise everything from the new contracts’ initial margin requirements to their susceptibility to manipulation. 

Amidst the squabbling, however, some futures commission merchants (FCMs) fe

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