CHICAGO, August 4, 2022 / PRNewswire / – ECM Group, leading global derivatives market, today announced plans to 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, the Bitcoin Euro and Ether Euro futures will be sized at five bitcoins and 50 ether per contract. These new contracts will be settled in cash, based on the CME CF Bitcoin-Euro benchmark rate and the CME CF Ether-Euro benchmark rate, which serve as daily benchmark rates for the euro-denominated price of bitcoin and ether. . These new futures will be listed and subject to the ECM rules.
“The continuing uncertainty in cryptocurrency markets, coupled with the robust growth and deep liquidity of our existing Bitcoin and Ether futures contracts, is creating greater demand for risk management solutions from institutional investors outside the United States. Our Bitcoin Euro and Ether Euro futures will provide clients with more accurate tools to trade and hedge exposure to the two largest cryptocurrencies by market capitalization, “he said. Tim McCourt, Global Head of Equity and Currency Products, CME Group. “Euro-denominated cryptocurrencies are the second most traded currency behind the US dollar. Since the beginning of the year, the EMEA represents 28% of the total Bitcoin and Ether futures contracts traded, with an increase of more than 5% compared to 2021 “.
“The launch of CME Group’s euro-denominated Bitcoin and Ether futures will help meet the growing demand for regulated and robust crypto derivatives, not in USD,” he said. Edmond Goh, responsible for B2C2 trading. “As the first OTC counterparty, we look forward to continuing to provide liquid markets in this important asset class.”
“TP ICAP is delighted to support another crypto-asset product that defines the CME Group market. Our digital assets business has been operating and trading CME Group cryptocurrencies since early 2020, originally in Londonfollowed by expansion to the United States in 2021 and, more recently, to Asia-Pacific via Hong Kong And Singapore,” She said Sam Newman, head of digital asset brokerage at TP ICAP. “Interest in cryptocurrencies has seen tremendous growth and these new euro-denominated futures contracts will help further expand the accessibility and usefulness of cryptocurrency derivatives, especially within Europe. “
CME Group’s suite of Cryptocurrency products continues to provide consistent liquidity, volume and open interest to clients who wish to hedge their risk or gain exposure to the asset class. The second quarter 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) for all cryptocurrency products. Additionally, Ether futures achieved a record daily average volume of 6.6K contracts in the second quarter, up by more than 27% compared to the first quarter.
For more information on this product, please visit https://www.cmegroup.com/cryptocurrencies#explore-our-cryptocurrency-products.
As the world’s leading derivatives market, CME Group (www.cmegroup.com) allows its clients to trade futures, options, cash and over-the-counter markets, optimize portfolios and analyze data, which allows traders market around the world to effectively manage risks and seize opportunities. CME Group exchanges offer the broadest range of global reference products across all major asset classes based on interest rates, equity indices, currencies, energy, agricultural commodities and metals. The company offers futures and futures options via the CME Globex® platform, fixed income via BrokerTec and foreign exchange trading via 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 Board of Trade of 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 services and / or registered trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor’s Financial Services LLC and S & P / Dow Jones Indices LLC, as applicable, and have been licensed in license to use Chicago Mercantile Exchange Inc. All other trademarks are the property of their respective owners.
SOURCE ECM Group