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Canada’s TMX Group unveils cryptocurrency futures products for institutional investors

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Canada’s largest stock market operator, the TMS group, plans to launch its first cryptocurrency futures product reports latest move is online with institutional investors’ desire to offset trading risks in the relatively new asset class, the company’s chief executive told Reuters on Tuesday.

TMX Group plans to enter Montreal Exchange this year

TMX Group has 17 cryptocurrency exchange-traded funds (ETFs) listed on the Toronto Stock Exchange as of December. 31. The group plans to release its products on the Montreal Exchange this year. It was revealed by the head of the group John McKenzie in an interview after TMX posted fourth-quarter results on Monday.



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

TMX, the Toronto stock, and Montreal derivatives exchanges operator, listed the world’s first bitcoin ETF almost a year ago.

Cryptoassets saw a steep fall in their values in recent months as investors started to limit investment in risky ventures amid expectations of an eminent interest hike by Central Banks. However, the past week saw the losses being recovered to some extent.

TMX making the best use of increased interest in cryptocurrencies

TMX is making a broader increase in interest in cryptocurrencies from investors and firms. KPMG has included Bitcoin and Ethereum in its corporate treasury. It termed cryptocurrencies as a maturing asset class and is getting wider exposure. KPMG said that cryptocurrencies would become a regular feature of the asset mix.

Another online trading platform Wealthsimple told Reuters it aims to enable their real-world use eventually. Wealthsimple currently offers the trade of different cryptocurrencies.

TMX is not designing the futures product on any other offering, but existing regulations around futures products should cover it. McKenzie said, adding the company has no current plans to make it available to retail investors.

TMX Group reported a year ago; fourth-quarter adjusted earnings of C$1.77 per share from C$1.43 and increased its quarterly dividend 8% to 83 Canadian cents.


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