CHICAGO, Aug. 27,
2024 /PRNewswire/ -- CME Group, the world's leading
derivatives marketplace, today announced it will further expand its
cryptocurrency derivatives offerings with the
introduction of Bitcoin Friday futures (BFF) on
September 30, pending regulatory
review.
Sized at one-fiftieth of one bitcoin, these new
weekly futures contracts will be cash-settled to the CME CF
Bitcoin Reference Rate New York Variant (BRRNY) at
4:00 p.m. New York time every Friday. A new BFF contract
will be listed every Thursday at 6:00
p.m. New York time for a
Friday trade date, with market participants able to trade the
nearest two Fridays at any given point. A Friday expiry allows
these contracts to closely track the spot price of
bitcoin, as well as help investors mitigate weekend
price moves.
"With these weekly expiring smaller-sized contracts, investors
of all sizes - from institutions to sophisticated, active retail
traders - will be able to more accurately fine-tune their
bitcoin exposure on a regulated exchange," said
Giovanni Vicioso, CME Group Global
Head of Cryptocurrency Products. "By settling to the
BRRNY, the benchmark used by leading spot bitcoin
ETFs, traders will also benefit from growing liquidity and the
ability to more efficiently capture market moves during U.S.
hours."
"We are pleased to support CME Group's launch of these new
weekly expiring bitcoin futures contracts and further
expand the low-cost products available to our clients," said
Steve Sanders, EVP of Marketing and
Product Development at Interactive Brokers. "With a shorter
duration and smaller-sized contract, Bitcoin Friday
futures will offer our active trader and institutional investor
clients a flexible and cost-effective new way to manage their
bitcoin exposure in a transparent market."
"The new Bitcoin Friday futures (BFF) contract is
another great example of CME Group's continued innovation in the
retail crypto trading space," said Elad Even-Chen, Group CFO of Plus500. "We are
keen to support the launch of this shorter duration contract, which
will suit the needs of a broad category of investors looking to
manage their cryptocurrency portfolios with more
flexibility and capital efficiency. The BFF contract will appeal to
an international audience and the launch very much aligns with
Plus500's approach to product innovation and responding to customer
feedback."
"Bitcoin Friday futures will serve as a great
trading complement to the existing suite of CME Group products we
offer at Webull," said Tanmay Sheth,
Director of Futures at Webull. "With its smaller notional size and
weekly Friday expiry, Bitcoin Friday futures will
allow our global traders a cost-efficient way to gain exposure to
bitcoin, as well as effectively manage their existing
product portfolios and capture new trading strategies."
Bitcoin Friday futures will join CME Group's deeply
liquid suite of benchmark Bitcoin futures contracts.
Year-to-date trading highlights include:
- Bitcoin futures record average daily volume (ADV)
of 14,554 contracts
- Bitcoin futures record open interest (OI) of
27,900 contracts
- Micro Bitcoin futures record ADV of 37,000
contracts
- Micro Bitcoin futures record OI of 28,000
contracts
For more information on these products, please visit
www.cmegroup.com/bff.
As the world's leading derivatives marketplace, 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 efficiently manage risk and
capture opportunities. CME Group exchanges offer the widest range
of global benchmark products across all major asset classes based
on interest rates, equity indexes, foreign
exchange, energy, agricultural
products and metals. The company offers futures and
options on futures trading through the CME Globex platform,
fixed income trading via BrokerTec and foreign exchange 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 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 is a trademark of BrokerTec Americas LLC
and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a
product of S&P Dow Jones Indices LLC ("S&P DJI").
"S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are
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Futures contracts based on the S&P 500 Index are not sponsored,
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CME-G
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SOURCE CME Group