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The head of the Chicago Stock Exchange expects institutional investors

01/22/2019
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  • CBOE_cryptocurrency
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In many ways, the problems of cryptocurrency are associated with the minimal presence of large players in the market. According to Ed Tilly, the head of the CBOE exchange, this situation may change in the near future. He sees the reason in the appearance on the trading floors of stock notes and cryptocurrency funds.

The origins of the problem and its solutions

Now a large investor has virtually no instruments for trading cryptocurrencies. Funds are not interested in buying Bitcoin and storing it in wallets. They need familiar financial instruments. However, a certain infrastructure is required for their appearance, which is now just beginning to appear.

It is noteworthy that Switzerland was at the forefront of the movement. It was there that Bitcoin-ETF was allowed for the first time, and immediately two banks, Falcon Private Bank and Vontobel, launch custodial services. FINMA's more loyal policies set an example of how a regulator can contribute to the development of the financial industry. This will probably help the SEC resolve new assets on the Chicago stock exchange.

Even Ed Tilly now admits that the SEC’s concerns are well-founded. The regulator has no real mechanisms to control exchange rate fluctuations, and it is not able to protect investors from speculative actions of individual players. At the same time, without the involvement of large buyers, such mechanisms may not appear.

What to expect in the near future

Therefore, Ed Tilly is confident that as soon as the SEC policy becomes more loyal, the situation will change radically. While Wall Street does not dare to start trading in cryptocurrencies. More specifically, it does not have worthy assets to buy. Bitcoin futures are in a bearish trend, as the big players refrain from taking action.

The gradual development of services sooner or later will force the authorities to decide on admitting to trading Bitcoin-ETF. Now immediately two companies have applied for registration of such a financial instrument. The first of these, from VanEck and SolidX, should be considered by the SEC until February 27. The second, from Bitwise, just entered the study. And here the answer should come a little later.

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