Summary Product Specifications Chart for Planned Cboe Bitcoin (USD) Futures1
Cboe Bitcoin (USD) Futures
TBD Subject to Regulatory Review
Cboe Bitcoin (USD) futures are cash-settled futures contracts that are based on
the Gemini auction price for bitcoin in U.S. dollars.
The contract multiplier for the XBT futures contract is 1 bitcoin.
Futures Symbol - XBT
Final Settlement Value Symbol – XBTS
The Exchange may list for trading up to four near-term expiration weeks ("weekly"
contracts), three near-term serial months ("serial" contracts), and three months
on the March quarterly cycle ("quarterly" contracts).
|Type of Trading Hours
||Tuesday - Friday
||5:00 p.m. (Sunday) to 8:30 a.m.
||3:30 p.m. (previous day) to 8:30 a.m.
||8:30 a.m. to 3:15 p.m.
||8:30 a.m. to 3:15 p.m.
The trading hours for an expiring XBT futures contract end at 2:45 p.m. on its Final
The end of day submission cut-off time for all Orders, quotes, cancellations and
Order modifications for XBT futures (other than for the expiring XBT future on its
Final Settlement Date) is 3:14:59 p.m. Any Orders, quotes, cancellations or Order
modifications submitted after the end of day submission cut-off time will be automatically
rejected by the Exchange.
Market Orders for XBT futures contracts will not be accepted. Any Market Orders
for XBT futures contracts received by the Exchange will be automatically rejected.
Stop Limit Orders are permitted during regular and extended trading hours for the
XBT futures contract.
All times referenced are Chicago time.
Minimum Price Intervals:
10.00 points USD/XBT (equal to $10.00 per contract). The individual legs and net
prices of spreads in XBT futures may be in increments of 0.01 points USD/XBT (equal
to $0.01 per contract).
Prices are stated in decimal format.
Trade at Settlement Transactions:
Trade at Settlement ("TAS") transactions are not permitted in XBT futures.
The eligible size for an original Order that may be entered for a cross trade with
one or more other original Orders pursuant to Rule 407 is one Contract. The Trading
Privilege Holder or Authorized Trader, as applicable, must expose to the market
for at least five seconds under Rule 407(a) at least one of the original Orders
that it intends to cross.
The Order Exposure Period under Policy and Procedure IV before an Order may be entered
to take the other side of another Order with respect to which there has been pre-execution
discussions is five seconds after the first Order was entered into the Cboe System.
Exchange of Contract for Related Position Transactions:
Exchange of Contract for Related Position (ECRP) transactions may be entered into
with respect to XBT futures contracts. Any ECRP transaction must satisfy the requirements
of CFE Rule 414.
The minimum price increment for an ECRP transaction involving the XBT futures contract
is 0.005 points USD/XBT.
The minimum Block Trade quantity for the XBT futures contract is 50 contracts if
there is only one leg involved in the trade. If the Block Trade is executed as a
transaction with legs in multiple contract expirations, each leg must meet the minimum
Block Trade quantity for the XBT futures contract. Any Block Trade must satisfy
the requirements of CFE Rule 415.
The minimum price increment for a Block Trade in the XBT futures contract is $0.005
The CFE error trade policy may only be invoked for a trade price that is greater
than 5% on either side of the market price of the applicable XBT futures contract.
In accordance with Policy and Procedure III, the Help Desk will determine what the
true market price for the relevant Contract was immediately before the potential
error trade occurred. In making that determination, the Help Desk may consider all
relevant factors, including the last trade price for such Contract, a better bid
or offer price, a more recent price in a different contract expiration and the prices
of related contracts trading on the Exchange or other markets.
Termination of Trading:
Trading hours for expiring XBT futures contracts end at 2:45 p.m. Chicago time on
the Final Settlement Date.
The expiring XBT future will be put in a closed state at 2:44:59 p.m. Chicago time
on its Final Settlement Date. As a result, no Orders, quotes, or Order modifications
in the expiring XBT future will be accepted by the Cboe System at or after 2:44:59
p.m. Chicago time on its Final Settlement Date. The Cboe System will complete the
processing of any trades in the expiring XBT future on its Final Settlement Date
that are matched by the Cboe System and that the Cboe System begins to process prior
to 2:44:59 p.m. Chicago time. The Cboe System will not process any trades in the
expiring XBT future on its Final Settlement Date that the Cboe System does not match
and begin to process prior to 2:44:59 p.m. Chicago time.
Final Settlement Date:
The Final Settlement Date for "weekly" XBT futures is two business days prior to
the Friday of the week denoted by the ticker symbol. The Final Settlement Date for
"serial" and "quarterly" XBT futures is two business days prior to the third Friday
of the month denoted by the ticker symbol. These Final Settlement Dates apply regardless of whether one of the above-referenced Fridays is a CFE holiday.
If the Final Settlement Date is a CFE holiday, the Final Settlement Date shall be
the business day immediately preceding the holiday.
Final Settlement Value:
The Final Settlement Value of an expiring XBT futures contract shall be the official
auction price for bitcoin in U.S. dollars determined at 4:00 p.m. Eastern Time on
the Final Settlement Date by the Gemini Exchange (the "Gemini Exchange Auction").
If the Gemini Exchange Auction price is not within Gemini's parameters for a Gemini
Exchange Auction price, the Final Settlement Value is otherwise not available, or
the normal settlement procedure cannot be utilized due to a trading disruption or
other unusual circumstance, the process detailed in the Contingencies section below
will be utilized.
The Final Settlement Value will be rounded to the nearest $0.01.
Settlement of XBT futures contracts will result in the delivery of a cash settlement
amount on the business day immediately following the Final Settlement Date. The
cash settlement amount on the Final Settlement Date shall be the final mark to market
amount against the Final Settlement Value of the XBT futures contract.
A person: (i) may not own or control more than 5,000 contracts net long or net short
in all XBT futures contract expirations combined and (ii) may not own or control
more than 1,000 contracts net long or net short in the expiring XBT futures contract,
commencing at the start of trading hours 5 business days prior to the Final Settlement
Date of the expiring XBT futures contract.
The foregoing position limits shall not apply to positions that are subject to a
position limit exemption meeting the requirements of Commission Regulations and
Reportable Position Level:
If the Final Settlement Value is not available or the normal settlement procedures
cannot be utilized due to a trading disruption or other unusual circumstance, the
Final Settlement Value will be determined in accordance with the By-Laws and Rules
of The Options Clearing Corporation ("OCC").
In that event, OCC would coordinate with CFE and CFE would coordinate with Gemini
regarding the final settlement price. Under Article XII, Section 5(c)(2) of the
OCC By-laws, OCC would fix the final settlement price based on its judgment of what
is appropriate for the protection of investors and the public interest, taking into
account such factors as fairness to buyers and sellers, the maintenance of a fair
and orderly market, consistency of interpretation and practice, and consistency
with actions taken in related futures or other markets. Without limiting the generality
of the foregoing, OCC may fix the final settlement price using: (i) the reported
price or value for the relevant underlying interest at the close of regular trading
hours on the last preceding trading day for which such a price or value was reported;
(ii) the reported price or value for the relevant underlying interest at the opening
of regular trading hours on the next trading day for which such an opening price
or value is reported; or (iii) a price or value for the relevant underlying interest
at such other time, or representing a combination of average prices or values at
such time or times, as OCC deems appropriate. The alternatives that OCC could consider
using in this circumstance could include, among others:
- Using the bitcoin price on the Gemini Exchange continuous order book at 4:00 p.m.
Eastern time on the Final Settlement Date.
- Using a volume weighted average price
("VWAP") or time weighted average price ("TWAP") of bitcoin trade prices on the
Gemini Exchange on the Final Settlement Date.
- Using a VWAP or TWAP of bitcoin
trade prices from other bitcoin exchanges on the Final Settlement Date.
the following day Gemini auction price as the Final Settlement Value.
The form of bitcoin on which the XBT futures and their Final Settlement Values will
be based is the form of bitcoin in U.S. dollars traded on the Gemini Exchange. If
the Gemini Exchange were to offer trading in multiple forms of bitcoin in U.S. dollars,
CFE would designate the form of bitcoin traded on the Gemini Exchange on which XBT
futures and their Final Settlement Values would be based for all then currently
listed XBT futures contracts and subsequent XBT futures contract listings.
1 Subject to regulatory review.