- Chicago Mercantile Exchange Group reported that it will introduce two Bitcoin and Ether futures contracts denominated in euros.
- They are expected to debut on the 29th of the month.
- Both will be sized at 5 BTC and 50 ETH per contract.
CME Group Inc., the world’s leading financial derivatives platform, has announced that it will offer two new cryptocurrency-based futures products. This was reported by the company on its Twitter account on August 4.
Introducing Bitcoin Euro and Ether Euro futures, a second currency pair on our market-leading Cryptocurrency futures. Manage bitcoin and ether exposure in the underlying currency of your choice starting Aug. 29. https://t.co/PfN3hTCvWC pic.twitter.com/rci4NnAfKz
— CME Group (@CMEGroup) August 4, 2022
“Introducing Bitcoin Euro and Ether Euro futures, a second currency pair from our market-leading cryptocurrency futures. Manage bitcoin and ether exposure in the underlying currency of your choice starting August 29.”
The main derivatives market, Chicago Mercantile Exchange Group, reported then that it will introduce two Bitcoin and Ether futures contracts denominated in euros at the end of August, more precisely, they are expected to debut on the 29th of the month. It should be noted that this will not be the company’s first immersion in the world of cryptocurrencies, a few months ago it would have launched micro-options on Bitcoin and Ether futures, as reported, and they did so given the growing interest of investors in this type of services.
However, both products will be CME-listed, cash-settled and based on the CME CF Bitcoin-Euro reference rate and the CME CF Ether-Euro reference rate. Both will be sized at 5 BTC and 50 ETH per contract. Tim McCourt, Global Head of Equity and Currency Products at CME Group, said:
“The current uncertainty in the cryptocurrency markets, coupled with the strong growth and abundant liquidity of our existing Bitcoin and Ether futures, is creating increased demand for risk management solutions from institutional investors outside of the United States. … The euro is the second most used fiat currency for trading cryptocurrencies behind the US dollar.”
“To date, the EMEA region accounts for 28% of all Bitcoin and Ether futures contracts traded, up more than 5% compared to 2021.” he added.
Finally, CME Group’s announcement came after the euro will reach parity with the US dollar in July for the first time in 20 years. These new products join the firm’s first dollar-denominated BTC futures contract launched in December 2017 and an ETH futures contract in February 2021. By March 2022, CME launched micro-options on Bitcoin and Ether futures. At that time Tim McCourt:
“The launch of these micro-sized options builds on the significant growth and liquidity we have seen in our Micro Bitcoin and Micro Ether futures. These contracts will offer a wide range of market participants, from institutions to active and sophisticated individual traders, greater flexibility and precision in managing their exposure to the top two cryptocurrencies by market cap.”
