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Jafrin Ahmed
Feb 9, 2022
by Jafrin Ahmed

Canada's TMX Group Plans Cryptocurrency Futures Product

TMX Group cryptocurrency futures
Canada’s largest stock market operator, TMX Group is planning to launch its first cryptocurrency futures product in response to the growing demand from institutional investors, the company’s chief executive told Reuters on Tuesday.

TMX, which is also the operator of the Toronto stock and Montreal derivatives exchanges, listed the world's first bitcoin ETF almost a year ago.

As of Dec. 31, the group has over 17 cryptocurrency exchange-traded funds (ETFs) listed on the Toronto Stock Exchange. Its first cryptocurrency futures product is expected to be launched on the Montreal Exchange later this year.

“More institutional investors and dealers are… holding more crypto assets within their portfolios or for their clients or in ETFs. In crypto there’s a lot of price volatility so (they’re looking at) how they manage that exposure,” John McKenzie, Chief Executive Officer of TMX Group told in an interview

According to McKenzie, the futures product is not based on any other offering but on existing regulations around similar products. He further added that the company has no current plans to make its upcoming futures product available to retail investors.

In another crypto-related development in the country, KPMG Canada, an accounting and consultancy firm became the first company in the country to add Bitcoin (BTC) and Ethereum (ETH) to its balance sheet in Canada.

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Canada's TMX Group Plans Cryptocurrency Futures Product
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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