Bakkt

Bringing Trust and Utility to Digital Assets.

Note

The debut of Bakkt was delayed by the government shutdown. There needs to be a 30 day period of uninterrupted government functioning for the CFTC to review the application.

Intro

Bakkt is a Daily Futures Contract that the Intercontinental Exchange plans to debut soon (early 2019) pending regulatory approvals. It will enable institutional buying and selling of Bitcoin. Contracts expire daily and deliver 1 Bitcoin. Significant infrastructure is being put into place. Things like warehousing must be built because this is a physically settled product, unlike the CME and CBOE monthly futures that debuted last year.

Contract Specs (click for more):

Description

ICE Futures U.S. offers physically delivered daily futures contracts on Bitcoin traded in BTC/USD (subject to regulatory approval). These contracts will be traded on ICE’s electronic trading platform, which offers industry-leading speed and reliability, regulated by the CFTC. All trades are cleared and guaranteed by ICE Clearing US, the central counterparty for all ICE cleared forex futures trades. Trades will result in physically delivered Bitcoin in the regulated Bakkt Warehouse. Market participants are eligible to transact with any other market participants. ICE physically delivered bitcoin futures offer trading and hedging opportunities.

Market Specifications
Trading Screen Product Name
Bakkt BTC (USD) Daily Future
Trading Screen Hub Name
ICUS
Contract Series
Daily Futures
Commodity Code
BTC
Contract Size
1 Bitcoin
Price Quotation
U.S. dollars per Bitcoin to 2 decimal places
Minimum Price Fluctuation
$2.50 per bitcoin ($2.50 per contract).
Block Trades may be executed at $0.01 per bitcoin ($0.01 per contract)
Daily Price Limit
None
Eligible Contract Dates
Every Exchange Business Day
Listing Cycle
One Contract Date will be listed each Business Day
Settlement
Physical Delivery
Last Trading Day
6:00 p.m. Eastern Prevailing Time (EPT) on the Business Day of the Daily Contract Date
Last Delivery Day
Equal to the Daily Contract Date
Trading Hours
8:00 pm to 6:00 pm, preopen at 7:55 pm, all times EPT
Exchange Fees
$0.50 combined Exchange and Clearing fee, per side
Off Exchange Trade Types
Block Trades permitted
Block Trade Minimum
10 lots
NCR, RL and IPL Levels
NCR - 50.00;
RL: - 150.00;
IPL- 300.00,
5 second recalculation and hold periods.
Daily Settlement
4:58 to 5:00 pm EPT
Position Limit
100,000 lots in any Contract Date
MIC Code
IFUS
Clearing Venues
ICUS
Snapshot Generated from: ICE BAKKT Contract Spec

Podcast

This podcast features Jeff Sprecher and Kelly Loeffler. It's a good listen for beginners. They help explain the current state of the market in crypto.

Recorded early December:

In English

Bakkt is building an open, seamless global network to enable you to buy, sell, store and spend digital assets simply, safely and efficiently.

Backed by Intercontinental Exchange’s proven financial market infrastructure and technology, Bakkt’s secure global platform will connect investors, merchants and consumers, making it easier, faster and more cost-effective to access, trade and use digital assets. Bakkt’s open-source, neutral platform will be designed to meet applicable regulatory requirements, and to support innovation around digital assets and blockchain applications.

Bakkt is designed to enable consumers and institutions to seamlessly buy, sell, store and spend digital assets. Formed with the purpose of bringing trust, efficiency and commerce to digital assets, Bakkt seeks to develop open technology to connect existing market and merchant infrastructure to the blockchain.

Bakkt.com

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