Plans by U.S. exchanges to launch bitcoin futures and options this month came under fire from an organization representing the world’s largest derivatives brokers, including all of Wall Street’s major banks, raising questions about the prospects for the eagerly awaited contracts. In a letter to Commodities Futures Trading Commission Chairman J. Christopher Giancarlo, the Futures Industry Association late Wednesday complained that the process that allows exchanges to “self-certify” and quickly list new contracts, while well-suited to run-of-the-mill products, falls short for “novel products” like bitcoin. “A more thorough and considered process would have allowed for a robust public discussion among clearing member firms, exchanges and clearinghouses to ascertain the correct margin levels, trading limits, stress testing and related guarantee fund protections and other procedures needed in the event of excessive price movements,” said FIA Chief Executive Walter Lukken, in the letter. “The recent volatility in these markets has underscored the importance of setting these levels and processes appropriately and conservatively,” Lukken wrote. Bitcoin soared above $16,000 on Thursday, continuing a torrid rally that’s taken the cryptocurrency up more than 1,500% in 2017.via