TMX to introduce bitcoin futures on trading platform

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TMX to introduce bitcoin futures on trading platform

TMX Group, the biggest Canadian exchange, said Tuesday it will soon introduce bitcoin futures contracts on its derivatives trading platform.

The futures will be settled in U.S. dollars at the settlement, meaning that dollars at settlement will change hands instead of the underlying instrument. The futures settlement value will be determined by the CoinDesk Bitcoin Price Index, crafted by coinDesk Indices, a subsidiary of CoinDesk.

The development comes as traditional financial firms continue to expand their digital asset services. The Chicago Mercantile Exchange, already a key venue in the U.S. to trade BTC futures, added earlier this year to its offerings with ether-to-bitcoin ratio futures.