CBOE had a bitcoin futures product that launched at the same time as CME's but it went nowhere because the only futures product people care about at CBOE is vx
FTX, Coinbase & CBOE are all too late to the US crypto futures game. A four yr headstart & ETF flow have made CME's network effect too great. Coinbase & FTX don't have US clearing experience & CBOE has no link to crypto whatsoever. I'm betting on the incumbent for now.
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Correct, they tried & decided to leave the space shortly after launch. Today they have no other link to crypto besides a failed attempt many years ago
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Maybe part of the logic is to forever discourage CME from buying them?
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The opportunity for Coinbase and FTX is to revamp deriv market structure - create modern operational & settlement framework, centralize actual risk controls beyond limit up / down, and cut out middlemen thereby delivering a healthy market at lower cost
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Cme gonna pick up a spot exchange 2q 2022 latest is my guess
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And as some who's worked with Fcms for the last decade I'm super excited to see if direct to retail futures product can fly here. The way risk is managed makes it feasible but how will institutions warm up to the whole concept
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