Next week, the Cboe exchange trading platform will list the first Australian BTC trading fund (BTC), which is the first significant test of broad customer demand for cryptocurrencies in the country.
The first BTC ETF in Australia
After a sufficient number of market participants agreed to strict margin limits, the clearing house, which controls access to the country’s equity capital markets, will grant the country’s first BTC ETF in the green, according to a report by the Australian news server AFR.
ASX Clear, a powerful clearing house in the heart of Australia’s equity capital markets, now has four market participants who are willing to put their money where their mouths are and meet the stringent margin requirements required to cover BTC settlement risks.
It is assumed that there are currently three institutional clearing members and one large retail clearing player ready to pay the 42% margin required by ASX Clear before allowing the BTC ETF to start trading.
Ready from April 27
Treleaven will send a notice to market participants on Wednesday, April 20, informing them that ASX Clear has received regulatory approval.
Brokers, clearing members, clearing members, market makers and investors will have seven days to prepare for the launch of the new product.
In other words, the only BTC ETF product now ahead of ASX Clear, the Cosmos Asset Management BTC ETF, will be able to start trading on Cboe on April 27, when the market opens. $ 1 billion is expected to flow into Australia’s first BTC ETF when it goes public next week.
Interestingly, opponents stated that the delay in accepting ASX Clear’s request to trade the BTC ETF was intended to keep ASX’s trading venue ahead of the competition.
Remarkably, it has been two years since the Australian Securities and Investment Commission (ASIC) wrote a letter to a financial promoter of BTC stating that a listed retail BTC product in Australia was not permitted at the time.
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