比特币期货芝加哥登场 平抑风险还是加剧风险

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《财经》见习记者 罗瑞兴/文 袁满/编辑

美国最大期权交易市场芝加哥期权交易所（CBOE）于美国时间12月4日宣布，将于美东时间12月10日下午5：00，在其旗下的期货交易平台Cboe Futures Exchange (CFE) 上正式推出比特币期货产品，交易代码为“XBT”，并宣称整个12月将免收比特币期货产品的交易费用。

这比其竞争对手芝加哥商业交易所（CME）此前公布的18日推出比特币期货产品提前一周。这一举动，也助推比特币价格价格当日小幅攀升3%。截至发稿，比特币价格为11793.05美元/币。

中国社科院国际金融研究室主任刘东民告诉《财经》记者，期货本身作为一种对冲风险的金融工具，由于其做空机制，可以降低标的物价格波动。但比特币作为一种特殊的底层资产，其期货产品并不能从宏观上管理比特币市场的风险。“由于期货的杠杆率更高，可能会有一些本身并不持有比特币的投资基金出于投机目的，买卖期货，反而会放大风险。”

刘东民还提醒到，由于期货会提前反映现货的价格，如果资本市场预计比特币价格过高，提前反映在期货市场上，也会反向的影响比特币本身的价格。

CBOE全球市场董事长兼CEO艾德·蒂利（Ed Tilly）表示：“考虑到投资者对比特币空前的兴趣，我们向客户提供交易工具，帮助他们表达自己的观点和对冲自己的风险敞口变得至关重要。”他还表示，CBOE将致力于促进比特币市场的公平和流动性。

《财经》记者采访的多位市场人士表示，未来会有更多的比特币相关标的物的衍生品出现在资本市场。据美国《商业内幕》报道，CBOE总裁克里斯-康加农（Chris Concannon）也暗示，在该公司和芝加哥商品交易所（CME）推出比特币期货合约后，更多的加密货币期货可能出现。

该所推出的比特币期货产品，是一种以比特币价格为标的物的现金结算合约。其追踪的比特币价格，是基于纽约的数字资产交易所“双子信托基金”（Gemini）对比特币的拍卖价格。

Gemini是克莱沃斯双胞胎兄弟创办的有限责任制的信托公司，可供投资者买卖和储存诸如比特币的数字资产。自2014年以来，该信托一直致力于推出首个比特币交易所交易基金（ETF），但至今仍未被批准。

Gemini的创始人兼CEO泰勒·文克莱沃斯表示，“发展一个规范的衍生品市场是推进数字资产市场边界的合乎逻辑且重要的一步”。他将Gemini定位为数字资产市场的基础设施提供者。

此前，据彭博社消息，CBOE的比特币期货合约细则流出。合约显示，比特币期货合约的乘数是1，也就是说合约与比特币平价交易。其次，定向的非跨期交易的最低价格波幅是10个指数点或10美元，而跨期交易的最低价格波幅更小，为0.01比特币或0.01美元。目前，比特币期货产品有多种合约和几个有效周期，还有四种期限的合约。

此前多位比特币领域的投资者认为，比特币纳入期货市场，是一个极大的利好消息。但刘东民也告诉《财经》记者，正如2008年美国金融危机，很多CDO（担保债务凭证）、CDS（信用违约互换）的投资者也并不清楚其底层资产，一旦比特币本身出现监管或者技术上的问题，也会对资本市场造成一定的影响。

数字货币资讯分析网站Coinmarketcap的数据显示，截至目前，全球所有加密数字代币的总市值约为3320亿美元，而比特币的市值也达1957千亿美元。

此前，美国商品期货交易委员会（CFTC）于美国时间12月1日发布公告，同意芝加哥商业交易所（CME）和芝加哥期权交易所（CBOE）推出其自我认证（self-certified）的比特币期货产品。

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