I just saw this posted on Jim Sinclair's page. I'm not even sure it's legit, and I'm not interested if it is, but if legit, it's surely interesting.
From JB Slear:
"A little bit about the new CME Currency Bitcoin trade
I spoke with the firm that was approved by the CFTC (Commodity Futures Trading Commission) for Bitcoin trading on the CME exchange.
1) The symbol is BTC.
2) It will be traded monthly out to 3 months to start.
3) Contract size is 1 (whole) bitcoin .. NO LEVERAGE!!
4) Margins are unclear at this early stage and will be determined on what the market can bare.
5) Options will be available and will be purchased in definite Real Old School fashion! Everyone will be a market maker and the trade has to called in and a seller must be found.
This is going to be interesting to say the least. We can expect more Cryptos to be traded on the exchange as this idea expands, so be prepared because the currencies are morphing in more ways than simply printing.
I was also told by my contact that the demands from institutions brought this about since none of the majors have any toes in the Crypto-Investment sands for their clients and for their bottom line. In other words, they’ve been missing the boat this whole time. I wonder what it will look like a few months from now?"
