Thanks torque
Ok so basically I don't know anything about ledgerX but I'm guessing this is a good way for certain people to invest in bitcoin without buying coins so to speak.
How big is this news and why isn't anyone excited yet then?
They'll be buying coins alright:
"Prior to placing a bid to purchase one or more Exchange Contracts, a prospective buyer must post
to LedgerX the USD bid amount of each Exchange Contract it wishes to purchase, the aggregate
amount of which will be debited from such buyer’s account on the Initial Payment Date in
satisfaction of such buyer’s delivery obligation under each such Exchange Contract. At settlement,
the buyer will receive physical delivery of one bitcoin for each Exchange Contract purchased.
Notwithstanding the foregoing, a buyer that has a net short Exchange Contract position at LedgerX
prior to purchasing one or more additional Exchange Contracts will have short positions assigned
to one or more sellers of Exchange Contracts with the same Trade Date. As a result, any such
buyer will receive physical delivery of bitcoin only to the extent that the number of Exchange
Contracts purchased on such Trade Date is net positive (e.g., a buyer with an open short interest
of 5 bitcoin who then purchases 10 Exchange Contracts would receive 5 bitcoin at settlement)."
Should be good IMHO.