CME Group Launches Bitcoin and Ethereum Denominated Euro Products
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Answer CME Group Launches Bitcoin and Ethereum Denominated Euro Products
The announcement first appeared on August 4, 2022, when it was announced that a new Bitcoin futures contract in EUR would be set at 5 Bitcoin and a new Ethereum futures contract at 50 ETH.
The contracts will be cash settled, which means that the euro will be exchanged between the buyer and seller on the contract expiry date rather than the buyer receiving the bitcoin.
The cash settlement will be made using the CME CF Bitcoin-Euro reference rate and the CME CF Ether-Euro reference rate.
CME Group launches Bitcoin and Ethereum contracts denominated in euros:
New futures are arriving during a difficult period for cryptocurrencies, with Bitcoin prices currently down 70% from their November 2021 high and Ethereum hovering around $1,500, down more than 66% in the same period.
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According to Tim McCourt, global head of equities and FX products at CME Group, the launch of new euro-denominated contracts is built on the foundation of strong growth and deep liquidity in dollar-denominated contracts.
The new contracts will provide local and international clients with more accurate and structured tools to hedge exposure to the world’s two largest cryptocurrencies.
Derivative products see larger trading volumes:
Cryptocurrency derivatives products are seeing more trading volumes than spot products, rising to $3.1 trillion in July 2022 compared to $1.3 trillion for spot trading.
Both Binance and FTX saw trading volumes of $54 billion and $7 billion in the past 24 hours, according to Coingecko.
Coinbase recently launched a Bitcoin “nano futures” contract through its acquisition of FairX, a derivatives products company.
The Chicago Mercantile Exchange is the only regulated Bitcoin futures market in the United States, with trading volume of about 4% of the global derivatives market in July 2022.
It launched small bitcoin and ethereum futures contracts, capping the contract at 1/10 of bitcoin last year to attract investors with less capital.
On August 18, 2022, CME Group announced its upcoming Ethereum options as interest in the standard and micro Ethereum futures contracts surged in anticipation of the upcoming merger.
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