Argentinian Futures Exchange Hopes to Offer Bitcoin Futures

Announcements, News | November 6, 2017 By:

Mercado de Termino de Rosario (ROFEX), Argentina’s largest futures operator, is considering offering cryptocurrency futures to its clients.

ROFEX was created in response to the need to guarantee trades in futures and options contracts on commodities, which balance price variations mainly generated by temporary differences between supply and demand concentrations. ROFEX has a demutualized company structure that positions the exchange as the local leader among Argentine markets with the potentiality to integrate global trading networks.

The exchange has created a preliminary framework that includes custody services, as well as the ability for clients to stake bitcoin as collateral for futures contracts. ROFEX plans to make an announcement before the end of the year.

“Although the approach to clients is still in a laboratory stage, with blockchain services and others related to cryptocurrencies as possibilities, our idea is to make an announcement before the end of the year,” said ROFEX head Diego Fernández.

Fernandez added that he would clearly like to do bitcoins futures, because it’s their core business. However, he said, the idea would have to be approved by the regulatory authority, the National Securities Commission, known as CNV, “and this involves a longer process and the need to build an index or a reference value.”

The news follows an announcement by CME Group, one of the world’s largest derivatives marketplaces, that it intends to launch bitcoin futures in the fourth quarter of this year pending its regulatory review periods.