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Bitcoin futures contracts have a predetermined Price and a specified Settlement Date.
What is a futures contract? A futures contract is a binding agreement between two parties to buy or sell an asset, a commodity, currency, or cryptocurrency at a predetermined price at a specified time in the future. Farming and agriculture commodities represent a big part of the futures trading world, but it’s not all about wheat, barley, and corn. You can also trade futures of oil and gas, bonds, stocks, shares of ETFs and most importantly Bitcoin.
What are Bitcoin futures? Cryptocurrency futures contracts are very similar to commodity futures. Futures markets for Bitcoin are relatively new, however they are instrumental to managing risk and price volatility of Bitcoin and other cryptocurrencies. Bitcoin futures contracts have the same features of commodities or stock futures contracts, some requiring physical settlement and some financial settlement only. A typical futures contract for cryptocurrency has a negotiated price and a specified settlement date. Locking in a future price of Bitcoin reduces volatility by providing certainty that bitcoin will be bought or sold on the specified date. Current crypto markets including some Exchanges and OTC trade desks may offer various standardized Bitcoin futures contracts. As the price of Bitcoin swings up and down, your futures contract may have unrealized gains or losses relative to the negotiated price of the contract.
BITCOIN FUTURES AT EOG
Every EOG contract is created unique with a negotiated price and a settlement date.
At EOG all our off-exchange contracts for cryptocurrencies are futures contracts, in substance and form, where parties negotiating a cryptocurrency deal have to specify a settlement date in the terms and conditions of their contract.
Our Bitcoin futures contracts are not standardized; each contract is created unique between two parties. At EOG, we require and strictly enforce all our contracts to be physically settled on the date as agreed upon in the contract. A settlement date can be at the earliest of immediate settlement pending completion of due diligence, and a maximum of three months after the date the contract is created. Simply state your settlement date in the terms and conditions of the contract you are negotiating.
After the contract is created, the EOG legal team completed due diligence, and prepares a Settlement Agreement outlining the time, date, and schedule of your settlement. If a settlement date is not specified in the terms and conditions of your contract, it is deemed for the contract to be settled immediately pending completion of due diligence.
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