The exchange has announced that more than 100,000 micro Bitcoin futures have been traded on CME in the first six days since launch. This new smaller contract, along with the full-size Bitcoin futures, strengthens the exchange’s ability to serve a wide range of clients, according to CME’s Global Head of Equity Index.
- CME Group, the world’s largest financial derivatives exchange, announced Tuesday that more than 100,000 micro-bitcoin futures were traded on its platform in the first six days of its launch. CME is a US registered clearing organization for Designated Contract Markets (DCM) and Derivatives (DCO) regulated by the Commodity Futures Trading Commission (CFTC).
- The exchange launched Micro Bitcoin Futures (MBT) on May 2, dubbed “1/50 the size of the Bitcoin futures contract” (i.e. 1/10 of one bitcoin versus five bitcoin for bitcoin futures ().BTC). ”
- The launch of the Micro Bitcoin futures contract aims to “make our market more accessible to risk managers and other traders,” stated CME.
- In the first week, the exchange said the average daily volume was 16,112 contracts, with 3,192 average daily open positions. Additionally, 36% of the total volume came from outside the US and over 50% of the volume was traded outside of the US during non-US hours.
- Tim McCourt, CME’s global head of equity index and alternative investment products, commented:
Together with our existing full-size Bitcoin futures, this new, smaller contract strengthens our ability to help a wide range of clients, from institutional institutions to sophisticated, active traders, manage their Bitcoin price risk.
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