According to CryptoPotato, TMX Group, the largest exchange in Canada, is set to launch Bitcoin (BTC) futures contracts on its derivatives trading platform. This move by Montréal Exchange (MX) is in response to the growing market demand for this new class of assets. The new Bitcoin Price Index Futures from MX will enable investors to hedge exposure to Bitcoin spot trading while exploring other opportunities in the evolving cryptocurrency space. The settlement value of the contracts will be determined through a CoinDesk product, CoinDesk Bitcoin Price Index (XBX).
The futures contracts will trade on the Montreal Exchange and be cash-settled in U.S. dollars, with the clearance done at the Canadian Derivatives Clearing Corporation (CDCC). TMX Group began its journey into crypto by listing its first Bitcoin ETF in 2021. In 2022, rumors circulated that the network was considering the launch of a cryptocurrency futures product to attract institutional investors. More recently, there have been speculations that the platform plans to introduce a crypto spot trading platform as early as 2024. The Canadian spot ETF market has been thriving for years, even as the USA and their regulatory watchdogs continue to delay the approval of crypto-focused spot ETFs.
