Morgan Stanley offers bitcoin futures contract services to large clients

nBankruptcy comment: Thanks to CBOE and CME issued bitcoin futures contract move, bitcoin finally entered the mainstream financial sector. While the Wall Street firms are not uniformly aligned with it, the traditional financial giants that support the new thing appear to be showing signs of growth. Morgan Stanley executives recently revealed that the bank is servicing large corporate clients with liquidated bitcoin futures contracts. However, in general, it is still more difficult for Bitcoin to gain more recognition.n
nTranslation: Inan
Morgan Stanley, the world’s fourth-largest investment bank, has been liquidating bitcoin futures contracts for its clients in a low profile, as if planning to further embed elements of cryptocurrency into its business.n
Morgan Stanley has become the second largest Wall Street pillar to offer such services to customers following Goldman Sachs’ offer of Bitcoin futures contract services last month. In an interview with Bloomberg, Jonathan Pruzan, chief financial officer of Morgan Stanley, revealed that the bank was already liquidating bitcoin futures contracts for large institutional clients.n
Bitcoin finally reached Wall Street after the CBOE and CME Group launched bitcoin futures contracts respectively last month.n
In addition, Pruzan also disclosed that Morgan Stanley is now regularly held an internal executive meeting to discuss “other ways to accept encrypted currency.”n
Although he did not disclose details of the buy-in or mortgage of Bitcoin futures, he added:n
n”If someone wants to trade bitcoins in cash and settle in cash, we’ll help him handle this service for core institutional clients who want to be involved in derivatives trading.”n
nHe pointed out that the volatility of bitcoin is a factor that banks use to determine the level of trading margins and said executives at Morgan Stanley are “closely following” the market by making markets (such as Morgan Stanley holding cryptocurrencies) or even Safekeeping of customers’ cryptocurrencies to expand the possibilities of related services.n
Last year, James Gorman, chief executive of Morgan Stanley, hinted at the bank’s welcome of cryptocurrency over Wall Street competitors, as Jamie Dimon, chief executive of JP Morgan Chase, publicly claimed Bitcoin as “fraud “.n
Gorman believes that bitcoin should not be illegal, he said:n
n”This is a fascinating development, not just a temporary trend.”n
nGoldman Sachs and Morgan Stanley, which provide this cryptocurrency service, stand in stark contrast to Merrill Lynch’s takeover by Bank of America, which forbade its clients and financial advisors from participating in bitcoin investments.n

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