Via LLRX.com: Bitcoin Derivatives – Independent Study Report – Financial analyst Ryan Davis describes the landscape of exchanges based in and outside of the U.S. that have begun to offer trading in bitcoin derivatives. TeraExchange completed the first bitcoin derivative trade on a regulated exchange in the U.S. on October 8, 2014 with its Bitcoin Non-Deliverable Forward (NDF) contracts. More recently, LedgerX has submitted applications to become the first regulated bitcoin options exchange in the U.S. Additionally, some exchanges are based outside of the U.S. but may have significant customer bases in the U.S. Bitcoin derivatives offered on these exchanges include futures, forwards, and options.