Crude oil futures surpass 2019 highs; SOFR futures surge as LIBOR depart begins; CBOE to list a bitcoin ETF;
Crude oil futures surpass 2019 highs
Oil prices surpassed the highs in 2019, closing at 66.26 USD per barrel last week. OPEC+ members agreed to keep the production largely steady on the meeting that took place on 3rd March. Saudi Arabia agreed to voluntarily cut back on the production. Russia and Kazakhstan would be allowed to increase production.
SOFR futures surge as LIBOR depart begins
CME group has recorded an increase in SOFR futures in the month of February. SOFR or Secured Overnight Financing Rate is a alternative rate to LIBOR and is provided by Federal Reserve Bank of US.
LIBOR has been used as the standard benchmark for many financial futures to source interest rates. During 2014 and after, there were a series of allegations that the rate is being manipulated by banks. FCA planned to discontinue LIBOR as a benchmark. The termination date for LIBOR as a rate will be 31st December 2021.
Source: https://www.thetradenews.com/cme-group-sofr-futures-skyrocket-as-market-transfers-from-libor/
CBOE to list a Bitcoin ETF
CBOE filed an application with the US SEC on 1st March to list a Bitcoin ETF. The ETF if approved, will be administered by VanEck investment management group. In 2016 CBOE tried to launch another Bitcoin ETF that was proposed by Cameron and Tyler Winklevoss. The SEC rejected it at the time citing that the bitcoin market is susceptible to manipulation.
