Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms

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Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms – According to a report, ASX Clear, the clearinghouse that controls access to Australia’s equity capital markets, is set to accept a bitcoin exchange-traded fund (ETF). Three institutional players and one retail participant basically agreed to the clearinghouse margin requirements, allowing what is thought to be Australia’s first bitcoin ETF to go live.

According to a report in the Australian Financial Review, the four participants agreed to furnish ASX Clear with the needed buffer of 42 percent before trading in the ETF could begin. According to the research, this criterion was necessary to cover the settling risks connected with bitcoin.

Also Read: Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

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“We’ve reached our minimum number of clearing participants, which indicates we’re ready to begin,” ASX Clear CEO Hamish Treleaven is quoted saying.

As a result, the clearinghouse will send a notice giving market participants seven days’ notice of ASX Clear’s regulatory approval, according to the CEO. The notification is meant to give brokers, investors, clearers, and market makers time to prepare for the ETF, according to the report.

When trading on the Cboe trading venue opens on April 27, the Cosmos Asset Management bitcoin ETF would be the only bitcoin ETF available, according to the report. One billion dollars is expected to flow into the bitcoin ETF when it is listed.

Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms – Meanwhile, the report said that the bitcoin ETF’s clearance came nearly two years after the Australian Securities and Investments Commission (ASIC) ruled out the country’s first crypto ETF.

Also Read: Economist Predicts the Fed’s Response to Inflation Will Push Crypto Higher

According to the report, the regulator would eventually change its mind after being persuaded by the country’s politicians. The approval of Cosmos Asset Management’s bitcoin ETF, as highlighted in the paper, certainly suggests that other trading venues, such as NSX, may offer a bitcoin ETF as well.

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