CME Group plans to launch Euro-denominated Bitcoin and Ether futures

The futures options, which are expected to start trading on August 29, follow CME Group's launch of micro-scale Bitcoin and Ether options in March.

Major derivatives market Chicago Mercantile Exchange Group aims to launch trading for Bitcoin euro and Ether euro futures contracts from August 29. CME Group said in an announcement on Thursday that it plans to launch euro-denominated Bitcoin (BTC) and Ether (ETH) futures contracts, which will be sized at 5 BTC and 50 ETH per contract, subject to regulatory review. Both contracts will be listed on the CME, cash-settled and based on the CME CF Bitcoin to Euro Reference Rate and the CME CF Ether to Euro Reference Rate. "Continued uncertainty in the cryptocurrency markets, combined with the strong growth and deep liquidity of our existing Bitcoin and Ether futures, is creating increased demand for risk management solutions by institutional investors outside the U.S.," said Tim McCourt, global head of equities and FX products at CME Group. "Euro-denominated cryptocurrencies are the second most traded fiat currency behind the US dollar." https://twitter.com/CMEGroup/status/1555176731773964290 According to McCourt, countries in Europe, the Middle East and Africa represent 28% of all trading for BTC and ETH futures contracts. The listing announcement also comes after the euro reached parity with the US dollar in July for the first time in 20 years - at the time of publication, 1 euro was worth about $1.02. CME Group launched the first BTC futures contract denominated in US dollars in December 2017, followed by an ETH futures contract in February 2021. In March, the derivatives exchange expanded its crypto investment instruments offering to include micro BTC and ETH futures. Cointelegraph reported in July that CME Group's BTC and ETH derivatives contracts saw record activity in the second quarter of 2022, with 10,700 and 6,100 contracts traded, respectively. The exchange also reported that micro BTC and ETH products had average daily volumes of 17,400 and 21,300 contracts, respectively, in the second quarter of 2022. Most of the trading activity took place amid extreme volatility in the crypto market, with both BTC and ETH prices falling in May and June. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!