Ismael Caram, Head of Crypto & Digital Assets at Matba Rofexin dialogue with this medium explained: “The regulation is one tenth of Bitcoin, that is, that is the size of the future contract. After there is a multiplier that we use to be able to adjust. If Bitcoin is changing hard and fast, as its price is, it is being able to adjust the nominally measured size of the contract.”
That contract is what will be traded when they are bought or sold on the screen. The minimum is one tenth of Bitcoin, from there you can buy larger amounts. Another feature is that it is a future that will be settled and quoted in Argentine pesos. The underlying of these futures contracts is an index that Matba Rofex built based on Bitcoin prices in pesos made by the 11 taxpayers, which are the main local exchanges. As the underlying is the index there is never delivery or receipt of Bitcoin.
The Index is calculated every 1 minute, 7 days a week. Data capture is done automatically through queries to the API-Rest of each Price Provider. The providers are exchanges that satisfy the eligibility conditions established in the Index Methodology and that provide offers to buy and sell the BTC/ARS pair on a regular basis through APIs.
“It will have a limit to the open position like the rest of the futures contracts that have a maximum per client. You will have a margin of approximately 40% of the value of the Bitcoin. This is something determined by our central counterparty clearing house, which is called Cirsa, and will adjust it based on the volatility of the product. This greatly reduces leverage. against other products, such as dollar or soybean futures,” he added. Geez.
In this regard, he explained that, from Matba Rofex, they have two modalities: one is price-time priority On the screen, there is a central order book where all the purchase offers and all the sale offers are gathered and the platform executes according to priority. Then they will have the modality block trade which is the possibility, through a negotiable securities brokerage, of being able to join tips for much higher volumes.
“We have been developing it since 2020 and since that year different types of corporate and institutional players and also individuals have been asking us for it. Here, What must be highlighted is that the CNV approved the restricted product, at least a first stage, to qualified investors and these are defined in the CNV regulation”Caram explained.
Bitcoin Futures: Who are the qualified investors?
He National State, Provinces and MunicipalitiesAutonomous Entities, State Companies and State Companies, International Organizations and Legal Entities of Public LawPublic Trust Funds, The National Social Security Administration (ANSeS) – Sustainability Guarantee Fund (FGS), Pension Funds, Banks and Public and Private Financial Entities, Mutual Investment FundsFinancial Trusts with public offering, Insurance Companies, Reinsurance and Occupational Risk Insurers, Mutual Guarantee Societies.
Also the Legal persons registered by the National Securities Commission as agentswhen they act on their own account, human persons who are permanently registered in the Registration of Suitable by the National Securities Commission, individuals or legal entities that at the time of making the investment have investments in negotiable securities and/or deposits in financial entities for a amount equivalent to 350,000 UVAand legal persons incorporated abroad and human persons with real domicile abroad.
Bitcoin Futures: Where can they be traded?
The platform in which it will be possible to transact will be in Matba Rofex, like the rest of the futures that are listed, and also in the intermediaries, the distribution chain. “Everything is centrally operated on the platform and distributed through the Alycs’ platforms,” explained Ismael Caram.
“The operation in the futures market is fully standardized. There is a regulation of terms and conditions of the product,” he clarified and asserted that it will be the same as for other futures that are already in force within Matba Rofex. Regarding whether there could be an official intervention: “Technically the BCRA could intervene in the future of Bitcoin, there is not a transfer of Bitcoins but it is all counterweights but I do not think it is interested in operating”, he closed Ismael Caram.
Source: Ambito
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