TMX Group, the largest exchange in Canada, is set to launch Bitcoin (BTC) futures contracts on its derivatives trading platform, Montréal Exchange (MX). The move is in response to the growing market demand for digital cryptocurrency asset classes. The Bitcoin Price Index Futures will enable investors to hedge exposure to Bitcoin spot trading and explore other opportunities in the cryptocurrency space. The settlement value of the contracts will be determined through the CoinDesk Bitcoin Price Index (XBX). The XBX will combine real-time prices from different exchanges to determine BTC’s most accurate spot price. The futures contracts will trade on the Montreal Exchange and be cash-settled in U.S. dollars, with the clearance done at the Canadian Derivatives Clearing Corporation (CDCC).TMX Group began its journey into crypto some years back, listing its first Bitcoin ETF in 2021. In 2022, rumors circulated that the network was considering the launch of a cryptocurrency futures product to attract institutional investors. More recently, there have been speculations that the platform plans to introduce a crypto spot trading platform as early as 2024. The Canadian spot ETF market has been thriving for years, even as the USA and their regulatory watchdogs continue to delay the approval of crypto-focused spot ETFs.

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Information	Details
Geography	North America
Countries	🇨🇦 🇺🇸
Sentiment	neutral
Relevance Score	8
People	John Mackenzie
Companies	Montréal Exchange, CoinDesk, TMX Group, Canadian Derivatives Clearing Corporation, Binance
Currencies	Ethereum, Bitcoin, US Dollar
Securities	None