Chairman, RBS, Bloomberg discussed on A Closer Look with Arthur Levitt

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In his distrust of bitcoin howard davies chairman of rbs explained his thumb with bloomberg's tom keene and what is the underpinning market structure that makes a bid bid bid bid bid bid bid on bitcoin well i'm afraid that says irrational exuberance this is as greenspan's famous phrase of course he then found that the market kept on going up off the he said it should stop but this is a very very unusual ball kate this shows we're not in a normal twoway trading market that you normally have even at the in the biggest rises you've got some people trading in and out so we're in a very unusual charge a here and i'm not sure that normal rational market analysis can really eliminate this terribly well davies you're the most closely person in the world to talk about derivatives in wall street founded fsa help you may regulation can you should see hear me and the cbo we should the american derivatives market make a formal market in this thing i think i would counsel them not to at this point because i'm not quite sure that they know enough about what the underlying is about the nature of the supply and demand of the underlying asset so i think it would be a very risky move in reputational turns for them to go in that direction now that was rbs chairman howard davies speaking with bloomberg's tom keene and despite davies warning cbo launched bitcoin futures earlier this week bloomberg's julie hyman spoke with artillery the c o of cbo how's it going from your perspective and how does that compare with what you expect expectations it's meeting expectations really any early days as open interest is building our dedicated liquidity provider's getting com triple a turning a new commodity in this case so it's business as usual from a launch perspective uh three thousand contracts as you point out that's a.

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