CME Group Launches Euro-Denominated Bitcoin and Ether Futures on August 29th
CHICAGO, 4 August 2022 /PRNewswire/ — CME Group, the world’s leading derivatives market, announced today that it plans to further expand its cryptocurrency derivatives offering with the introduction of Bitcoin Euro and Ether Euro futures on August 29pending regulatory review.
Designed to match their US dollar-denominated counterparts, Bitcoin Euro and Ether Euro futures contracts will be sized at five bitcoin and 50 ether per contract. These new contracts will be cash-settled, based on the CME CF Bitcoin-Euro Reference Rate and the CME CF Ether-Euro Reference Rate, which serve as a once-daily reference rate for the euro-denominated price of bitcoin and ether. These new futures contracts will be listed on and subject to the rules of the CME.
“Ongoing uncertainty in the cryptocurrency markets, along with the robust growth and deep liquidity of our existing Bitcoin and Ether futures, is creating increased demand for risk management solutions from institutional investors outside the US. Our Bitcoin Euro and Ether Euro futures contracts will provide clients with more precise tools to trade and secure exposure to the two largest cryptocurrencies by market capitalization,” said Tim McCourt, Global Head of Equity and Currency Products, CME Group. “Euro-denominated cryptocurrencies are the second most traded fiat behind the US dollar. Year-to-date, the EMEA region represents 28% of total Bitcoin and Ether futures contracts traded, up more than 5% against 2021.”
“The launch of Euro-denominated Bitcoin and Ether futures from CME Group will help meet the growing demand for regulated and robust non-USD crypto derivatives,” said Edmond Goh, sales manager in B2C2. “As the premier OTC counterparty, we look forward to continuing to provide liquid markets in this important asset class.”
“TP ICAP is pleased to support another market-defining crypto-asset product from CME Group. Our Digital Assets business has been operating and brokering CME Group’s crypto-assets since the start of 2020, initially in Londonfollowed by expansion to the US in 2021 and finally in APAC via Hong Kong and Singapore,” so Sam Newman, Digital Assets Head of Brokering at TP ICAP. “Interest in cryptoassets has seen tremendous growth and these new euro-denominated futures contracts will help further expand the availability and utility of cryptoasset derivatives, particularly within Europe.”
CME Group’s Cryptocurrency product suite continues to provide consistent liquidity, volume and open interest for clients looking to hedge their risk or gain exposure to the asset class. Q2 was a record quarter in terms of average daily open interest (106.2K contracts) and was the second highest ever quarter in terms of average daily volume (57.4,000 contracts) across all cryptocurrency products. In addition, Ether futures achieved a record average daily volume of 6.6K contracts in Q2, up more than 27% compared to Q1.
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As the world’s leading derivatives market, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios and analyze data – empowering market participants worldwide to effectively manage risk and capture opportunity. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on fixed income, equity indices, currencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex® platform, interest rate trading via BrokerTec and currency trading on the EBS platform. In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of the Board of Trade of the The city of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec and EBS are trademarks of BrokerTec Europe LTD and EBS Group LTD, respectively. Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor’s Financial Services LLC and S&P/Dow Jones Indices LLC, as applicable, and are licensed for use by Chicago Mercantile Exchange Inc. All other trademarks belong to their respective owners.
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