The volatility of the bitcoin may adversely affect the creditworthiness of financial institutions for the clearing of futures on bitcoin. The concerns expressed by the largest rating agencies Standard & Poor’s, Moody’s and Fitch, writes Risk.net.
In the case of growth of trading volume in futures, presented at the American trading floors of the CME and the CBOE, the Agency may lower the credit ratings, the cooperating banks.
“The market may not pay sufficient attention to the impact of futures trading on the ratings, but if the importance of this tool will grow, we can deepen the dialogue with the banks”, — said the head of Fitch Ratings for nonbank financial institutions Nathan Flanders.
In turn, managing Director of Moody’s Ana Arsov also said that her company will consider the clearing of futures on bitcoin as a negative factor in the evaluation process of banks.
“As with any other risky asset class, we consider this factor as a negative the rankings. However, we do not believe this risk is irreversible,” she said.
Agree with her and the Director of Standard & Poor’s assessment of financial institutions Thierry Grunspan, which, although did not rule out the presence of risk in cryptocurrency derivatives still called it a “very distant”.
We will remind that else in February the rating Agency Moody’s in its report stated that the launch of futures on bitcoin “is unlikely to significantly affect the creditworthiness of CME or CBOE, given the small trading volumes and effective risk management”.