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Brokers say bitcoin futures contracts ignore risks

“CME Group Inc. and Cboe Global Markets Inc. last week moved to launch bitcoin futures under the self-certification process” writes Deputy Markets Editor for Plans by U.S. exchanges to launch bitcoin futures and options this month came under fire from an organization representing the world’s largest derivatives brokers, including all of Wall Street’s major banks, raising questions about the prospects for the eagerly awaited contracts.In a letter to Commodities Futures Trading Commission Chairman J. Christopher Giancarlo, the Futures Industry Association late Wednesday complained that the process that allows exchanges to “self-certify” and quickly list new contracts, while well-suited to run-of-the-mill products, falls short for “novel products” like bitcoin.

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