The Chicago Mercantile Exchange Group, a well-known derivatives market, plans to launch futures on BTC and ETH denominated in euros.
In an announcement on Thursday, CME Group stated which, following regulatory review, plans to launch Bitcoin futures contracts (BTC) ed Ether (ETH) denominated in euros, whose size will be respectively 5 BTC and 50 ETH per contract. Both contracts will be listed on the CME, settled in cash, and priced based on the CME CF Bitcoin-Euro Reference Rate and the CME CF Ether-Euro Reference Rate.
Tim McCourt, Global Head of Equity and FX Products di CME Group, ha commentato:
“Continued uncertainty in cryptocurrency markets, coupled with the robust growth and deep liquidity of our existing Bitcoin and Ether futures, is creating greater demand for risk management solutions from institutional investors even outside the United States. . “
“We present Bitcoin Euro and Ether Euro futures, a second currency pair for our industry-leading crypto futures. Manage exposure to Bitcoin and Ether in the underlying currency of your choice, starting August 29.”
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
According to McCourt, nations in Europe, the Middle East and Africa accounted for 28% of all BTC and ETH futures contract trades. Despite the news, this is not a good time for the euro, which last month has achieved parity with the dollar for the first time in twenty years.
CME Group launched its first BTC futures contract, denominated in US dollars, in December 2017, followed by a similar contract on ETH in February 2021. In March, the derivatives exchange expanded its offering of investment vehicles in cryptocurrencies including microfutures su BTC ed ETH.
In July, Cointelegraph he reported CME Group’s derivative contracts on BTC and ETH recorded record activity in the second quarter of 2022: respectively 10,700 and 6,100 traded contracts. The exchange also reported that its micro products on BTC and ETH had recorded an average daily volume of 17,400 and 21,300 contracts over the same period.
Much of the trading activity took place during a period of extreme volatility for cryptocurrencies, between May and June, when the prices of both BTC and ETH were in free fall.
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