FCMs demand self-certification overhaul after bitcoin debacle

CBOE, CME rush to list bitcoin futures “felt like an arms race”, says one FCM chief

The race between two of the US’s largest futures markets to launch bitcoin futures last month has sparked a backlash from clearing banks, which are calling for changes to the self-certification process for listing new derivatives contracts.

“We weren’t terribly excited about the self-certification process. It did feel like an arms race between the Chicago Board Options Exchange and Chicago Mercantile Exchange to get the product out. That was a little concerning to us,” says the head of