Main derivatives market Chicago Mercantile Change Group goals to launch buying and selling for Bitcoin euro and Ether euro futures contracts beginning on Aug. 29.
In a Thursday announcement, CME Group mentioned that topic to regulatory overview, it plans to launch contracts for euro-denominated Bitcoin (BTC) and Ether (ETH) futures that can be sized at 5 BTC and 50 ETH per contract. Each contracts can be listed on CME, cash-settled, and based mostly on the CME CF Bitcoin-Euro Reference Charge and CME CF Ether-Euro Reference Charge.
“Ongoing uncertainty in cryptocurrency markets, together with the sturdy development and deep liquidity of our current Bitcoin and Ether futures, is creating elevated demand for danger administration options by institutional buyers outdoors the US,” mentioned CME Group world head of fairness and FX merchandise Tim McCourt, “Euro-denominated cryptocurrencies are the second highest traded fiat behind the US greenback.”
Introducing Bitcoin Euro and Ether Euro futures, a second foreign money pair on our market-leading Cryptocurrency futures. Handle bitcoin and ether publicity within the underlying foreign money of your alternative beginning Aug. 29. https://t.co/PfN3hTCvWC pic.twitter.com/rci4NnAfKz
— CME Group (@CMEGroup) August 4, 2022
In keeping with McCourt, international locations in Europe, the Center East and Africa represented 28% of all buying and selling for BTC and ETH futures contracts. The itemizing announcement additionally adopted the euro reaching parity with the US greenback in July for the primary time in 20 years — on the time of publication, 1 euro is value roughly $1.02.
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CME Group launched the primary BTC futures contract — denominated in US {dollars} — in December 2017, adopted by an ETH futures contract in February 2021. In March, the derivatives change expanded its providing of crypto funding autos to incorporate micro BTC and ETH futures.
Cointelegraph reported in July that CME Group’s BTC and ETH derivatives contracts noticed file exercise within the second quarter of 2022, with 10,700 and 6,100 contracts traded, respectively. The change additionally reported its micro BTC and ETH merchandise had a mean day by day quantity of 17,400 and 21,300 contracts, respectively, in Q2 2022. A lot of the buying and selling exercise got here amid excessive volatility within the crypto market, with the costs of each BTC and ETH dropping in Might and June.
