#CryptoCorner: CME Group (NASDAQ: $CME) to Launch #Bitcoin Options, Wells Fargo #Crypto “Faster” Than SWIFT?, OCBC Joins JPMorgan’s (NYSE: $JPM) IIN
#CryptoCorner: CME Group (NASDAQ: $CME) to Launch #Bitcoin
Options, Wells Fargo #Crypto “Faster” Than SWIFT?, OCBC Joins JPMorgan’s (NYSE:
$JPM) IIN
Point Roberts, WA, Delta BC September 20,
2019 - Investorideas.com, a leader in crypto and blockchain investing news
brings you today’s edition of the Crypto Corner podcast and commentary on
what’s driving the cryptocurrency market.
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Stocks discussed: (NasdaqGS:CME) (NYSE:JPM) (SGX:O39)
(NasdaqGS:FB)
Derivatives
marketplace CME Group (NasdaqGS:CME) will launch options on its
Bitcoin (BTC) futures contracts
in Q1 2020, pending regulatory review, according to a press
release
today. Tim McCourt, CME Group Global Head of Equity Index and Alternative
Investment Products, explained:
"Based on increasing client demand and robust
growth in our Bitcoin futures markets, we believe the launch of options will
provide our clients with additional flexibility to trade and hedge their
bitcoin price risk. These new products are designed to help institutions and
professional traders to manage spot market bitcoin exposure, as well as hedge
Bitcoin futures positions in a regulated exchange environment."
Wells Fargo Digital
Cash, the banking giant’s recently-announced cryptocurrency, is
faster and better than SWIFT, according to the head of the company’s Innovation
Group Lisa Frazier in a statement to CoinDesk.
“When we move money across the world and we
need to exchange currencies, we have to go through third parties such as SWIFT
and other banks. That’s a long process and every time there’s a connection with
external parties, it takes time and energy and effort.”
“It’s faster than SWIFT, cheaper and definitely more
efficient.”
SWIFT (The Society
for Worldwide Interbank Financial Telecommunication) is a financial institution
messaging network used by over 11,000 organizations around the world.
The
Business Times
reports that JPMorgan (NYSE:JPM) has secured OCBC
(SGX:O39) as the first
Singapore-based bank to join its interbank information network (IIN) blockchain
initiative. John Hunter, global head of clearing for JPMorgan Chase, commented:
“The intent with IIN was always to develop a meaningful
ecosystem of bank users, all focused on harnessing emerging technologies such
as blockchain to better address the complex cross border payments industry.”
“In just one year, we’ve seen IIN scale as well as
expand in terms of role and capabilities – and we are excited at the growth to
come.”
A memorandum published
yesterday reveals that the U.S. House of Representatives Committee on Financial
Services, has scheduled a hearing for September 24 with the Securities and
Exchanges Commission (SEC) entitled: Oversight
of the Securities and Exchange Commission: Wall Street’s Cop on the Beat.
One of the main topics of discussion for the hearing will be cryptocurrency,
with focus on Facebook’s (NasdaqGS:FB) Libra. An excerpt reads:
The Libra Investment Token could amount to a security
since it is intended to be sold to investors to fund startup costs and would
provide them with dividends. The Libra token itself may also be a security, but
Facebook does not intend to pay dividends and it is unclear if investors would
have a “reasonable expectation of profits.” However, the offer of Libra could
be integrated into the offering of the Libra Investment Token, thereby deeming
both securities. 24 Like ETFs, Libra would be redeemable by certain authorized
resellers and bought and sold in the open market.
Sam Mowers,
Investorideas
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