This document is made available for general information purposes only. The information provided in this document, including financial and economic data, quotes and any analysis or interpretation thereof, is provided solely for information purposes and shall not be construed in any jurisdiction as providing any advice or recommendation with respect to the purchase or sale of any derivative instrument, underlying security or any other financial instrument or as providing legal, accounting, tax, financial or investment advice. Bourse de Montréal Inc. recommends that you consult your own advisors in accordance with your needs before making decision to take into account your particular investment objectives, financial situation and individual needs. All references in this document to specifications, rules and obligations concerning a product are subject to the rules, policies and procedures of Bourse de Montréal Inc. and its clearinghouse, the Canadian Derivatives Clearing Corporation, which prevail over this document. Although care has been taken in the preparation of this document, Bourse de Montréal Inc. and/or its affiliates do not guarantee the accuracy or completeness of the information contained in this document and reserve the right to amend or review, at any time and without prior notice, the content of this document. Neither Bourse de Montréal Inc. nor any of its affiliates, directors, officers, employees or agents shall be liable for any damages, losses or costs incurred as a result of any errors or omissions in this document or of the use of or reliance upon any information appearing in this document. TMX, the TMX design, TMX Group are trademarks of TSX Inc.used under licence. MX is a trademark of Bourse de Montréal Inc. All other trademarks contained in this video are the property of their respective owners.
The underlying index of the Bitcoin Price Index Futures Contracts (the “Product”) is the CoinDesk Bitcoin Price Index (XBX), a US Dollar-denominated composite reference rate for the price of Bitcoin (the “Index”), provided by CoinDesk Indices, Inc. (the “Index Provider”). Bitcoin and digital assets generally represent a new and rapidly evolving industry that is subject to significant volatility and a variety of material legal, regulatory, operational, technological and security risks. Since the Product is intended to provide investors with exposure to Bitcoin, the Product is subject to the risks associated with Bitcoin and inherent in the digital asset industry generally. In addition, the Product relies on the delivery of the Index by the Index Provider, which operates within the digital asset industry. Consistent with products which rely on third party service providers, the Product is subject to counterparty risk associated with the Index Provider and the accurate and timely delivery of the Index, which could give rise to circumstances that affect the integrity, liquidity or orderly trading or liquidation of the Product, such as operational interruptions. Bourse de Montréal Inc. and Canadian Derivative Clearing Corporation may be required to rely on their emergency powers to address such circumstances in accordance with their authority under their rules, including by fixing settlement prices and closing open interest in the Product.
This disclaimer is not intended to be a comprehensive statement of risk relating to Bitcoin, the digital asset industry generally, the Product, the Index Provider, or the Index, or provide legal, accounting, tax, investment, financial or other advice or recommendations and should not be relied upon for such advice. Market participants and other stakeholders should carefully evaluate any investment or trading decisions and consult their own legal and other advisors regarding the risks discussed above.
COINDESK® and “COINDESK BITCOIN PRICE INDEX” (the “Index”) are trade or service marks of CoinDesk Indices, Inc. (“CDI”), the administrator of the Index, and/or its licensors. CDI or CDI's licensors own all proprietary rights in the Index. CDI is not affiliated with Bourse de Montreal Inc. and does not approve, endorse, review, or recommend the Bitcoin Price Index Futures.
CDI does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Index and shall not be liable in any way to the Bourse de Montreal Inc., investors in or holders of the Bitcoin Price Index Futures or other third parties in respect of the use or accuracy of the Index or any data included therein.
© Copyright © 2023 Bourse de Montréal Inc. All rights reserved.
Canadian Derivatives Exchange is an official mark of Bourse de Montréal Inc.
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Cryptocurrencies are gaining momentum in Canada, with demand for investing in digital asset classes rising. Despite growing interest, investors face limitations when evaluating vehicles to manage their exposure to Bitcoin price movements.
Montréal Exchange (MX) has launched the Bitcoin Price Index Futures to meet rising market demand for digital cryptocurrency asset classes. This new product gives market participants exposure to Bitcoin value movements on the underlying CoinDesk Bitcoin Price Index (XBX). The cash settled futures contract would trade and settle in US dollars and be cleared at the Canadian Derivatives Clearing Corporation (CDCC).
T : +1 514 871-7880
E : equityderivatives@tmx.com
About Bitcoin
Bitcoin Price Index Futures
NOW AVAILABLE
MONTRÉAL EXCHANGE
Launched in 2009, Bitcoin is the world’s first cryptocurrency and the largest by market capitalization. This decentralized evolution of money has seen an influx of adoption from investors worldwide. Bitcoin uses a shared public ledger built on blockchain technology to create a global medium of exchange that seeks to be secure and borderless.
Learn more about Bitcoin
Diversified portfolio: Gain access to a new digital asset class for portfolio growth and diversification.
Efficient exposure: Trade on your market view of Bitcoin with a Canadian-based hedging tool.
Price discovery: Obtain efficient exposure to price movements with cash settled futures contracts.
Robust underlying index: Benefit from real-time prices and active trading and liquidity in the XBX.
Features and Benefits
The Bitcoin Price Index Futures will help investors hedge exposure to Bitcoin spot trading and explore opportunities in the evolving cryptocurrency space.
About CoinDesk Bitcoin Price Index (XBX)
CoinDesk Indices (CDI), a subsidiary of CoinDesk, has been the leading provider of digital asset indices by AUM since 2014. The CoinDesk Bitcoin Price Index (XBX) leverages real-time prices from multiple constituent exchanges to provide a representative spot price of Bitcoin in US dollars and is calculated once per second. Known for being the longest-running, and most trusted benchmark for bitcoin, XBX has been in continuous operation since 2014, and serves as the benchmark for approximately $17 billion of AUM in investment vehicles. Learn more about XBX.
Resources
CoinDesk Single Digital Asset Price Indices Methodology
MX Bitcoin Price Index Future