BT - Bitcoin Price Index Futures

Underlying

CoinDesk Bitcoin Price Index (XBX)*

Trading unit

1 multiplied by the value of the Bitcoin Price Index Future.

Expiry cycle

Monthly: two (2) nearest months

Price quotation

Unless otherwise determined by the Bourse, bids and offers for Bitcoin Price Index Futures are quoted in U.S dollars and cents, expressed to three decimals.
The contract will be quoted as 1/10 of a Bitcoin, as a Bitcoin is defined by the CoinDesk Bitcoin Price Index (XBX)
A $1.00 contract value fluctuation equals $1.00 per contract

Minimum price fluctuation

For outright positions, $1.00, which equals to $1.00 per contract
For calendar spreads, $0.10, which equals to $0.10 per contract

Contract type

Cash settlement. The final Settlement Price determined on the final settlement date is equal to 1/10 the value of the reference rate, in this case the CoinDesk Bitcoin Price Index (XBX), at 4:00 pm on the last trading day of the Bitcoin Price Index Future.

Last trading day

Trading ceases at 4:00pm on the last Friday of the settlement month, provided it is a business day. If it is not a business day, trading will cease at 4:00pm on the first preceding business day.

Final settlement day

On the last trading day.

Position reporting threshold

1 contract gross long and short in all contract months combined.

Position limit

Information on position limits can be obtained from the Bourse as they are subject to periodic changes. See Circulars.

Trading halt

Trading on the Bourse in a Bitcoin Price Index Future may be halted whenever a Market Supervisor shall conclude, in their judgment, that such action is appropriate in the interests of a fair and orderly market. A Market Supervisor must take the following factors into account when deciding whether to halt or suspend trading:
- Trading halts may be coordinated with a Market Supervisor receiving information of a halt having been triggered for the Underlying Interest.
- Whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present.
In the event that a trading halt is triggered for the Bitcoin Price Index Future due to a Market Supervisor becoming aware of a halt being triggered for the Underlying Interest, trading in the Bitcoin Price Index Future may resume whenever a Market Supervisor shall conclude, in their judgment, that such action is appropriate in the interests of a fair and orderly market (as determined by the Bourse from time to time).

Minimum margin requirements

Information on minimum margin requirements can be obtained from the Bourse as they are subject to periodic changes. See the Futures contracts margin rates page on the Regulatory Division website.

Trading hours

Regular session**: 8:00 p.m (t-1) to 4:30 p.m ET

** A trading range of -10% to +10% (based on previous day's settlement price) has been established for this session, refer to article 6.112 of the Rules of the Bourse for the particularities of this trading range.

Clearing corporation

Canadian Derivatives Clearing Corporation (CDCC).

Trading procedures

Please refer to the Rules of the Bourse.

The information contained on this webpage is for information purposes only and shall not be construed as legally binding. This document is a summary of the product's specifications which are set forth in the Rules of Bourse de Montreal Inc. ("Rules of the Bourse"). While Bourse de Montreal Inc. endeavors to keep this document up to date, it does not guarantee that it is complete or accurate. In the event of discrepancies between the information contained in this document and the Rules of the Bourse, the latter shall prevail. The Rules of the Bourse must be consulted in all cases concerning product's specifications.

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.