CHICAGO, Oct. 1, 2024
/PRNewswire/ -- CME Group, the world's leading derivatives
marketplace, today announced that its Bitcoin Friday
futures (BFF) have launched and are available for trading. 31,498
contracts traded across two different contract weeks. The first
trade, a block, took place on Sunday,
September 29 and was executed by Galaxy and Marex.
"With more than 31,000 contracts traded on day one,
Bitcoin Friday futures have become our most successful
crypto futures launch ever," said Giovanni Vicioso, Global Head of
Cryptocurrency Products at CME Group. "We are pleased
to see such early customer interest and support for these new
contracts, both on screen and through the block market. The smaller
size of these contracts, along with a weekly Friday expiry, will
provide investors with not only a more accessible way to access the
bitcoin market, but will also allow them to more
effectively manage their bitcoin exposure – all on a
regulated exchange."
"The launch of CME Group's Bitcoin Friday futures
is a significant step toward crypto adoption within a
regulated framework. These weekly contracts offer efficient hedging
by closely tracking the spot price and provide a cost-effective
exposure to bitcoin," said Harry Benchimol, Co-Head of Derivatives Engine
at Marex. "By introducing a product closer to the very popular
perpetuals on crypto platforms, CME Group is closing
the gap between traditional financial and crypto
markets. Marex is proud to have executed the first block trade,
reinforcing our commitment to improving liquidity and driving
innovation in the crypto market."
"The launch of Bitcoin Friday futures by CME Group
represents a significant advancement in the broadening of
crypto derivatives markets, offering investors a
flexible and efficient way to manage their bitcoin
exposure," said Michael Harvey, Head
of Franchise Trading at Galaxy. "These weekly contracts closely
track spot prices, providing a valuable tool for growing liquidity
and optimizing trading strategies for traders of all types and
sizes. As we continue to bridge the gap between traditional finance
and the digital asset space, initiatives like this reinforce our
commitment to empowering clients with the best solutions to manage
their bitcoin exposure in a transparent market."
Bitcoin Friday futures are sized at one-fiftieth of
one bitcoin and 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
is 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.
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
ICBOT 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
trademarks of Standard & Poor's Financial Services LLC; Dow
Jones®, DJIA® and Dow Jones Industrial Average are service and/or
trademarks of Dow Jones Trademark Holdings LLC. These trademarks
have been licensed for use by Chicago Mercantile Exchange Inc.
Futures contracts based on the S&P 500 Index are not sponsored,
endorsed, marketed, or promoted by S&P DJI, and S&P DJI
makes no representation regarding the advisability of investing in
such products. All other trademarks are the property of their
respective owners.
CME-G
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SOURCE CME Group