Cryptonyooz - Fastest source of your Bitcoin news Morgan Stanley is “in the game” of Bitcoin Futures Contracts - Cryptonyooz

Morgan Stanley is “in the game” of Bitcoin Futures Contracts

Morgan Stanley, world’s fourth largest investment bank, has been promoting Bitcoin futures contracts to its clients amidst the great talk about regulating cryptocurrencies. They have followed suit and become the second major Wall Street mainstay to offer bitcoin futures contracts, after Goldman Sachs, who started offering contracts just last month. Bitcoin rolled into Wall Street after the launch of future contracts on exchanges.

Financial officer of Morgan Stanley, Jonathan Pruzan, stated that they are already clearing Bitcoin futures contract for their ‘big institutional clients.’

Morgan Stanley’s likeability to cryptocurrencies was first hinted by Chief Executive James Dorman last year, at a public event, where he was asked about his take on cryptocurrencies. This came just few weeks after JP Morgan Chief Jamie Dimon stated that he thinks that BItcoin is a “fraud”. Eventually, he had to backstep from this statement.

Jonathan Pruzan mentioned that they conduct internal meetings with executives to understand the how cryptocurrencies can be further engaged. While being short and precise about buy-ins and collateral he said,

“If someone wants to do a trade on the [bitcoin] futures and settle in cash, we’ll do that. I wouldn’t say it’s been a lot of activity, but it’s for core institutional clients who want to participate in a derivatives transaction.”

Bitcoins volatility is one of the major factors that banks have been observing closely as it will determine the margin levels.

 

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