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Bakkt's trading platform will be launched in January, VanEck licenses a financial instrument. The FCA regulator together with the Ministry of Finance wants to introduce new rules.
VanEck division launches the US OTC Spot Index. Data for it will be supplied from three large sites where this asset is traded. The new product is designed to facilitate the purchase of securities for cryptocurrency for institutional investors.
Back in August, VanEck planned to launch Bitcoin ETF trading for the exchange. However, the Securities Commission rejected this offer. Now the company decided to change the approach to the consciousness of the new financial product. The point is that Circle Trade, Genesis Trading and Cumberland will be the data providers. Since they all operate under the supervision of the CFTC regulator, the likelihood of approval increases significantly.
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The launch of the cryptocurrency trading platform was postponed for the second time. The operator of the Intercontinental Exchange (ICE) from New York planned to begin its work in December 2018. Due to the fact that the regulatory authorities have not yet given approval for a new product, it was necessary to shift the deadlines to the end of January 2019.
Not yet known all the features of the platform. However, it is already known that not only the BakktBitcoin contract, but also other assets will be traded there. According to the statement of Bakkt’s manager, Kelly Leffler, postponement has a positive side. Due to this, the company will be able to optimize clearing operations and make them more secure.
The Financial Conduct Authority of the United Kingdom admits the possibility of prohibiting certain cryptocurrency-based trading instruments. This was announced by Christopher Woolard, who is one of the leaders of the department.
According to the official, individual cryptocurrency derivatives carry increased risks for investors. Complex derivatives have low stability as a result of complex problems of the cryptocurrency market. Together with the Ministry of Finance, FCA will hold consultations in early 2019, where this issue will be studied in depth.