The Launch of Micro Euro-denominated Bitcoin and Ether Futures by CME Group
CME Group Expands Cryptocurrency Derivatives Offering
CME Group, the world’s leading derivatives marketplace, has announced its plans to expand its cryptocurrency derivatives offering with the addition of Micro Bitcoin Euro and Micro Ether Euro futures on March 18. This move is pending regulatory review but is expected to provide global investors with more precise tools to manage their risk as interest in Bitcoin and Ether continues to grow.
Increased Volume in Micro Bitcoin and Ether Futures
Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group, noted a four-fold increase in volume in USD-denominated Micro Bitcoin and Micro Ether futures. The launch of these new Micro Euro-denominated contracts aims to provide clients with additional products to efficiently hedge Bitcoin and Ether exposure in the second-highest traded fiat behind the US dollar-based contracts. Year-to-date, 24% of Bitcoin and Ether futures volume at CME Group has been transacted from the EMEA region, and these new tools will further enhance clients’ ability to hedge their crypto portfolios and express or take a view on potential market moves.
Matching Dollar-denominated Counterparts
Designed to match their US dollar-denominated counterparts, Micro Bitcoin Euro and Micro Ether Euro futures contracts will be sized at one-tenth of their respective underlying cryptocurrencies. These new futures contracts will be listed on and subject to the rules of CME.
Support from TP ICAP
TP ICAP will support CME Group’s crypto derivative by providing block facilitation services to this product. With the growing interest in crypto derivatives worldwide, these new euro-denominated micro futures contracts will help expand the accessibility and utility of crypto derivatives, particularly within Europe.
CME Group’s Cryptocurrency Product Suite
CME Group’s Cryptocurrency product suite continues to provide consistent liquidity, volume, and open interest for clients seeking to hedge their risk or gain exposure to the asset class. January was a record month in terms of average daily volume across all Cryptocurrency products. Average daily open interest for Bitcoin and Ether futures reached all-time highs for the month. Micro Bitcoin and Micro Ether futures also saw a trading surge, with average daily volumes growing 43% versus December 2023.
