On Thursday, December 14, 2017, Kim Taylor announced her retirement from CME Group, where she has served as president of clearing and post-trade services since 2016. Taylor began working for the CME Group in 1989 and will step down at the end of the year.
Cryptocurrency stakeholders should take note of Taylor's retirement because the CME Group is poised to launch bitcoin futures this coming Monday, December 18, 2017. Taylor's involvement in the product's development is not immediately apparent – and it's unclear whether her departure is linked in any way to the impending cryptocurrency derivatives.
ETHNews reached out to Taylor's office, but CME Group has yet to answer our request for comment.
The futures products currently on the market – from CBOE and LedgerX – are different from the derivatives that will be offered by CME Group. CME Group's bitcoin futures will be cash-settled and the contract unit is 5 bitcoin, as defined by the CME CF Bitcoin Reference Rate.
ETHNews previously discussed the circuit breakers that will be instituted for the product. Trading thresholds at 7 percent and 13 percent swings will trigger two-minute trading halts, while 20 percent price movements will be the "hard" limit for single-day swings.
Bitcoin futures have received sharp criticism from industry insiders, including Interactive Broker's CEO Thomas Peterffy and Futures Industry Association president Walt Lukken (who previously served as acting chairman of the CFTC). While the CFTC is monitoring cryptocurrency derivatives closely, the market's inefficiencies have been noted by many.