More than 100,000 micro bitcoin futures traded on CME in the first six days since launch, the exchange has revealed. CMEâ€™s global head of equity index says that this new smaller contract, along with the full-size bitcoin futures, strengthens the exchangeâ€™s ability to help a broad array of clients.
- CME Group, the worldâ€™s largest financial derivatives exchange, said Tuesday that more than 100,000 micro bitcoin futures traded on its platform in the first six days of launch. CME is a U.S.-registered designated contract market (DCM) and derivatives clearing organization (DCO), regulated by the Commodity Futures Trading Commission (CFTC).
- The exchange launched Micro Bitcoin futures (MBT) on May 2, which it described as â€œ1/50 the size of the bitcoin futures contract (i.e. 1/10 of one bitcoin versus five bitcoin for bitcoin futures (BTC).â€
- The launch of the Micro Bitcoin futures contract aims â€œTo make our market more accessible to risk managers and other traders,â€ CME explained.
- In the first week, the exchange says that the average daily volume was 16,112 contracts, with 3,192 average daily open interest. Furthermore, 36% of overall volume came from outside the U.S. and over 50% of the volume traded during non-U.S. trading hours.
- Tim McCourt, CMEâ€™s global head of equity index and alternative investment products, commented:
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