Listing of Bitcoin Price Index Futures

Listing of Bitcoin Price Index Futures

Pursuant to Self Certification Circular 116-23 published October 3, 2023, Bourse de Montréal Inc. (the "Bourse") wishes to inform market participants that it will list its new Bitcoin Price Index Futures at the opening of trading at 9:30 am (ET) on Tuesday, January 16, 2024.

Beginning on Wednesday, January 17, 2024, and going forward, the below mentioned instrument class will open at 8:00 p.m (t-1) ET.

In preparation for the launch, the Bourse invites market participants and stakeholders to test their systems. The new contract specifications can be found below.

The Bourse will list two (2) monthly contracts starting with the February 2024 expiry as well as intra-group strategies (calendar spreads). The following futures contracts will be listed at the open of trading on January 16, 2024.

The aforementioned futures contracts will be added to the High Speed Vendor Feed (HSVF) and Order Book Feed (OBF) using the current messaging protocol.

Information on the new contracts will be made available at www.m-x.ca on the first trading day.

Additional details can be found on the Bitcoin landing page by clicking here.

General Test Environment (GTE)

The Bitcoin Price Index Futures are available for testing in the GTE environment under the following symbols:

Bitcoin Price Index FuturesSymbol: BT

For additional information on this notice, or if you require technical assistance, please contact the Technical Help Desk.

Derivatives Technical Operations

Toll-free: 1-877-588-8489

Local: 514-871-7872

Email: derivatives.operations@tmx.com

The information contained in this document is for information purposes only and shall not be construed as legally binding. This document is a summary of the product's specifications which are set forth in the Rules of Bourse de Montreal Inc. ("Rules of the Bourse"). While Bourse de Montreal Inc. endeavors to keep this document up to date, it does not guarantee that it is complete or accurate. In the event of discrepancies between the information contained in this document and the Rules of the Bourse, the latter shall prevail. The Rules of the Bourse must be consulted in all cases concerning product's specifications.

The underlying index of the Bitcoin Price Index Futures Contracts (the "Product") is the CoinDesk Bitcoin Price Index (XBX), a US Dollar-denominated composite reference rate for the price of Bitcoin (the "Index"), provided by CoinDesk Indices, Inc. (the "Index Provider"). Bitcoin and digital assets generally represent a new and rapidly evolving industry that is subject to significant volatility and a variety of material legal, regulatory, operational, technological and security risks. Since the Product is intended to provide investors with exposure to Bitcoin, the Product is subject to the risks associated with Bitcoin and inherent in the digital asset industry generally. In addition, the Product relies on the delivery of the Index by the Index Provider, which operates within the digital asset industry. Consistent with products which rely on third party service providers, the Product is subject to counterparty risk associated with the Index Provider and the accurate and timely delivery of the Index, which could give rise to circumstances that affect the integrity, liquidity or orderly trading or liquidation of the Product, such as operational interruptions. Bourse de Montréal Inc. and Canadian Derivative Clearing Corporation may be required to rely on their emergency powers to address such circumstances in accordance with their authority under their rules, including by fixing settlement prices and closing open interest in the Product.

This disclaimer is not intended to be a comprehensive statement of risk relating to Bitcoin, the digital asset industry generally, the Product, the Index Provider, or the Index, or provide legal, accounting, tax, investment, financial or other advice or recommendations and should not be relied upon for such advice. Market participants and other stakeholders should carefully evaluate any investment or trading decisions and consult their own legal and other advisors regarding the risks discussed above.

COINDESK® and "COINDESK BITCOIN PRICE INDEX" (the "Index") are trade or service marks of CoinDesk Indices, Inc. ("CDI"), the administrator of the Index, and/or its licensors. CDI or CDI's licensors own all proprietary rights in the Index.

CDI is not affiliated with Bourse de Montreal Inc. and does not approve, endorse, review, or recommend the Bitcoin Price Index Futures. CDI does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Index and shall not be liable in any way to the Bourse de Montreal Inc., investors in or holders of the Bitcoin Price Index Futures or other third parties in respect of the use or accuracy of the Index or any data included therein.