CME Group to launch BTC and ETH futures in euros

The initiative is awaiting regulatory review

05.08.2022 - 11:10

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What’s new? The Chicago Mercantile Exchange (CME) plans to begin trading bitcoin and Ethereum futures contracts in euros starting August 29. According to a press release, the initiative is awaiting regulatory review. The futures price will be 5 BTC and 50 ETH. Both contracts will be listed on the CME, settled in cash, and based on the CME CF Bitcoin-Euro Reference Rate and CME CF Ether-Euro Reference Rate.

CME Group’s press release

What do the representatives of the CME Group say? Tim McCourt, global head of equity and FX products at CME Group, said that Europe, the Middle East, and Africa account for 28% of all BTC and ETH futures contracts trading.

He said that ongoing uncertainty in cryptocurrency markets, along with strong growth and high liquidity of existing bitcoin and Ethereum futures, is creating an increased demand for risk management solutions by institutional investors outside the United States. Euro-denominated cryptocurrencies are the second most traded currency after the US dollar, he added.

What is known about CME Group? It is a derivatives trading platform that allows one to trade futures, options, optimize portfolios and analyze data for risk management. CME Group’s exchanges offer a wide range of global reference marks across all major asset classes based on interest rates, stock indices, and currencies. CME Group launched its first dollar-denominated BTC futures contract in December 2017, followed by an ETH futures contract in February 2021. In March 2022, the exchange also launched options futures based on BTC and ETH.

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