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| December 12, 2017

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Ford uses virtual reality to describe its vision of transportation’s future

December 3, 2017 |

The drone dived underneath a bridge and zoomed right behind a vehicle. Then the ride ended — and the participants took off their goggles.

For five minutes, attendees of the L.A. Auto Show can experience what Ford calls “the city of tomorrow” through a virtual reality “roller coaster” that showcases…


L.A. Times – Business

Future of Bitcoin Futures: CME Gives Details, Regulator Pushes Back

December 1, 2017 |

Future of Bitcoin Futures: CME Gives Details, Regulator Pushes Back

Chicago Mercantile Exchange Group Inc (CME) left a cryptic note atop its more detailed explanation of how bitcoin futures would be rolled out. Red emblazoned, it stated: “Effective Q4 2017, and pending all relevant regulatory review periods, please be advised that CME will launch Bitcoin futures.” Q4, the last three months of the year, is upon us, and it turns out the key phrase in that highlighted sentence might be “pending all relevant regulatory review periods.”

Also read: Nasdaq to Debut Bitcoin Futures by Mid 2018

CME Gives Precious Bitcoin Futures Detail

Lily Katz reports CME’s head of equity products, Tim McCourt, detailing of coming bitcoin futures. Mr. McCourt “said the exchange has put safeguards such as higher margin levels and limits on positions and prices in place to curb risks on the bitcoin futures it plans to offer,” she noted.

Bitcoiners the world over anticipate the entrance of CME to the ecosystem. Chicago Merc was founded just prior to the turn of the 20th century, and rests comfortably now as the largest futures exchange in the world some one hundred and twenty years later.

Future of Bitcoin Futures: CME Gives Details, Regulator Pushes Back

CEO of Bit Go Mike Bleshe, however, is quoted as saying he’s “skeptical they’ll launch this year,” as legacy business might “not be comfortable with bitcoin futures yet,” Ms. Katz paraphrases him predicting.

CME plans normal daily settlement for bitcoin futures will be “based on trading activity on CME Globex between 15:59:00 and 16:00:00 London time.” In three tiers, the company outlined trades (1), market data (2), and the absence of two-sided markets (3).

In the first, “All contract months settle to the volume-weighted average price (VWAP) of outright trades… rounded to the nearest tradable tick. If the VWAP is equidistant between two ticks it will be rounded towards the prior day.”

Tier 2, “In the absence of trades during the settlement period, the contract month settles to the midpoint of the Bid/Ask between 15:59:00 and 16:00:00.” If no “two sided markets [are] available during the settlement period in a particular contract month, then the settlement price will be the net change of the CME Bitcoin Reference Rate added to the prior day futures contract settlement (provided that settlement is within the Bitcoin futures price limits), adjusted to the Bid/Ask if one side is present,” CME explained.

Push Back

While a great many bitcoiners might be excited about futures, the main regulator, the Commodity Futures Trading Commission (CFTC), seems less than enthusiastic. According to Benjamin Bain, “While the agency has limited power to halt CME’s plans… it is demanding changes.”

Mr. Bain explains CFTC has been working to “address various issues, and to change some aspects of the contracts,” he quotes Erica Elliott Richardson, CFTC spokeswoman. “We expect that outstanding issues will be resolved in the near future,” she noted.

Future of Bitcoin Futures: CME Gives Details, Regulator Pushes Back

Ms. Richardson revealed “concerns about bitcoin futures expressed by some market participants” has played a role in closer examination. She might be referring to the full page ad taken by Interactive Brokers Group addressed to the CFTC Chairman from Thomas Peterffy. He argued nothing less the entire futures clearing market could be vulnerable with bitcoin in the mix.

Ms. Richardson of the CFTC continued: “Once the contracts are launched, commission staff will engage in a variety of risk-monitoring and oversight activities. These activities include monitoring and stress testing positions and observing and analyzing open interest, initial margin requirements, and variation margin payments.”

What do you think of CME’s details and CFTC’s push back? Tell us in the comments below!


Images courtesy of: Pixabay, CME, CFTC. 


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The post Future of Bitcoin Futures: CME Gives Details, Regulator Pushes Back appeared first on Bitcoin News.

Bitcoin News

The American Dream of a Paved Future Is Crumbling

November 25, 2017 |

“I never dreamed that by the end of my career we would be talking about having to go back to gravel,” a former highway department head tells Harper’s Magazine , which takes a deep look at America’s “countless failed roads.” One nonprofit estimates that more than half of the major rural…
Newser

They Dreamed About an NBA Future. Instead, They Got Scammed

November 24, 2017 |

They were young hoops shooters who paid more than $ 25,000 a year to attend what they thought was an elite basketball academy that would prep them for the NBA. What they got instead, per a deep dive at Fusion , was ripped off. It’s a close look by Luke Cyphers…
Newser

Russia Charts Course for Syria’s Future

November 22, 2017 |

Russia is preparing to host the leaders of Turkey and Iran this week for a summit on the future of Syria, further cementing President Vladimir Putin’s position as a Middle East power broker.
WSJ.com: What’s News Europe

GE cuts dividend in half before meeting to lay out the company’s future

November 13, 2017 |

General Electric on Monday slashed its dividend in half as investors gathered in Boston, where Chairman and CEO John Flannery is expected to lay out a significant retooling of the U.S. conglomerate.

GE’s quarterly dividend is being cut to 12 cents per share, from 24 cents, starting next month,…


L.A. Times – Business

Bob Costas warns future of football is bleak because sport ‘destroys people’s brains’

November 9, 2017 |

From his perch hosting Thursday Night Football, veteran sportscaster Bob Costas has a unique perspective from which to diagnose the health of the NFL — and he says the future looks bleak.
FOX News

Ralph Peters: Bergdahl sentencing isn’t about him — It’s about setting an example for any future traitors

October 27, 2017 |

The sentence the military judge will impose on Bowe Bergdahl isn’t about one self-centered deserter.
FOX News

GM, Fiat Chrysler Shares Climb As Investors Focus on Future

October 24, 2017 |

Shares in GM and Fiat Chrysler rallied Tuesday even as conditions in the core U.S. auto industry soften, the latest sign Wall Street is willing to give Detroit credit for using a string of record profits to reduce debt and sharpen focus on future technology.
WSJ.com: US Business

Walmart sees the future and it is digital

October 10, 2017 |

Walmart is all about online, anticipating digital sales next fiscal year will rise about 40 percent and that it will double the number of U.S. curbside locations for online grocery shoppers at its stores.

But the world’s largest retailer continues to scale back new store growth in the U.S., with…


L.A. Times – Business