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Athanasius Artemyev
Athanasius Artemyev

CME Sees Second-Best Month For Bitcoin Futures ...

Ether options offer expanded tools to complement the rise of Ether futures trading. Add greater flexibility in managing ether price risk and take long- or shorter-term views using our range of monthly to quarterly contracts to optimize your cryptocurrency trading strategies.

CME Sees Second-Best Month for Bitcoin Futures ...

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FACTOID: Bitcoin futures at CME Group provide the following expiries: Nearest two (2) Decembers and nearest six (6) consecutive months. This allows traders to enjoy flexibility in matching their price expectations to a variety of time horizons.

The vast majority of futures trades made by speculators are offset before final expiration. Some traders might allow their positions to expire; and in the case of bitcoin futures, would expire to cash settlement according to the Bitcoin Reference Rate (BRR).

The Treasury futures roll represents the shift in open interest from the expiring front month quarterly futures contract to the deferred quarterly futures contract (e.g., from the September futures expiry to the December futures expiry). During the roll, market participants offset existing market positions in the front month contract while re-establishing new positions in the deferred month contract.

Rolling Treasury futures involves replacing an existing market position in the expiring front month futures contract with a new position in the deferred month futures contract. Market participants have two options to accomplish the Treasury futures roll.

First, the Treasury futures roll indicates the optimal liquidity period to roll a futures position forward from the expiring front month futures contract to the deferred month futures contract. Since most market participants wish to avoid the physical delivery process that is associated with Treasury futures, the roll provides participants with the liquidity they require to maintain core open positions without the encumbrances of cash market delivery.

Second, the Treasury futures roll signals the optimal liquidity period to roll a futures position in the event of a mispricing in the calendar spread between the expiring front month contract and the deferred month contract.

When rolling forward, a trader will simultaneously offset his current position and establish a new position in the next contract month. For example, a trader who is long four S&P 500 futures contracts expiring in September will simultaneously sell four Sept ES contracts and buy four Dec or further away ES contracts.

TAS trades off a "base price" of zero (equal to the daily settlement price) to create a differential versus the daily settlement price in the underlying futures contract month. The TAS clearing price equals the daily settlement price of the underlying futures contract month plus or minus the TAS transaction price.

The value of a CME Group Cryptocurrency option is tied to the price of underlying Cryptocurrency futures contract. Cryptocurrency futures, in turn, fluctuate in value relative to price movements in spot bitcoin and ether.

In the case of monthly Cryptocurrency options, the option will deliver a futures contract that immediately expires to cash, tied to the CME CF Bitcoin Reference Rate, (BRR) or CME CF Ether-dollar Reference Rate (ETHUSD_RR) price.

To get started, you first need to open a TD Ameritrade account. From there, you will be prompted to open a futures account with TD Ameritrade's affiliate, Charles Schwab Futures and Forex. There are certain qualifications and restrictions: you must be futures approved and use a non-retirement account to trade cryptocurrencies. Please note that the Charles Schwab Futures and Forex LLC margin requirement for bitcoin futures products is 1.5 times higher than the exchange margin requirements, and is subject to change without notice.

At this time, Charles Schwab Futures and Forex LLC* does not provide the ability to trade bitcoin or other cryptocurrencies directly and does not provide access to cryptocurrency exchange networks. Charles Schwab Futures and Forex LLC* offers the ability to trade cryptocurrency futures contracts, much like we offer futures contracts for gold, corn, crude oil, etc. For additional information on crypotcurrency, we recommend visiting the CFTC virtual currency resource center. *Prior to a name change in September 2021, Charles Schwab Futures and Forex LLC was known as TD Ameritrade Futures & Forex LLC.

i) Market indicators cover pricing and trading information, including derivatives markets. The monitoring tool allows selecting any crypto-asset or a group of crypto-assets from a pool of over 2,000 assets currently traded and constructing indicators on prices, traded volumes and market capitalisation in selected units of fiat or crypto-assets. Furthermore, it includes indicators focusing on trading vis-à-vis fiat currencies. With respect to derivatives, the indicators offer a detailed overview of bitcoin futures contracts traded on the institutionalised exchanges of the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE).

Information provided by reliable sources, such as institutionalised exchanges trading bitcoin futures or ETPs, may not be fully comparable due to differences in the specifications of the underlying contracts or investment pools. Bitcoin futures are traded on trading platforms, such as BitMEX and BitflyerFX, as well as on the institutionalised exchanges, i.e. CBOE and CME. Bitcoin futures on the institutionalised exchanges differ with respect to contract units, price limits, margin rates and tick sizes, thereby rendering the prices quoted by the two exchanges not strictly comparable.[27] Further differences stem from different settlement bases and underlying cut-off times.[28] ETPs traded on the institutionalised exchanges, for instance the SIX Swiss Exchange[29] or Nasdaq Nordic[30] in Europe, offer exposures to bitcoin and Ethereum and are priced based on various sources.[31]

On institutionalised exchanges, trading activity of bitcoin futures and ETPs with underlying crypto-assets peaked in April 2019; however, CBOE suspended trading of bitcoin futures, while trading activity of ETPs on the SIX Swiss Exchange is anaemic. The bitcoin futures market has declined slightly since the end of 2018. Trading volumes peaked strongly, though, on the CME exchange in April 2019, following the CBOE announcement of the suspension of the upcoming future contracts, citing improvements in the approach towards crypto-currency derivatives as a reason (see Chart 6). Turning to trading activity for ETPs on European exchanges, as measured by the number of trades, while activity is buoyant on the Nasdaq Nordic, reaching more than 17,000 trades in April, trading on the SIX Swiss Exchange is weak (see Chart 7).

The Chicago-based exchange giant, which trades futures and options based on everything from interest rates to real estate, foreign exchange to the weather, said on Tuesday that it would launch bitcoin futures products before the end of the year.

The news comes a month after the firm's president Bryan Durkin told Bloomberg that bitcoin was "very nascent" and that he didn't think they would move forward with bitcoin futures in the short-term. Futures are contracts that allow two parties to exchange an asset at a specified price at an agreed upon date in the future.

Cross town rival Cboe has long had a plan for bitcoin futures in the works, and is also preparing for a possible Q4 launch. CME said in a press release the new roll-out is contingent on the necessary regulatory approvals.

"Given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a bitcoin futures contract," said Terry Duffy, CME chairman and CEO. "As the world's largest regulated FX marketplace, CME Group is the natural home for this new vehicle that will provide investors with transparency, price discovery and risk transfer capabilities."

Bitcoin isn't completely uncharted territory for the company. It launched a bitcoin price index last year in conjunction with Crypto Facilities Ltd. Crypto Facilities will work with CME on the launch of the futures product.

The Commodity Futures Trading Commission (CFTC) said Wednesday (Dec. 6) that it is aiming to ensure that the integrity of the bitcoin futures contracts is preserved when CME Group and Cboe launch their futures contracts.

Bitcoin jumped Friday (Dec. 1) after an announcement via the main U.S. derivatives regulator that it would allow CME and CBOE to list bitcoin futures contracts. That is good news for bitcoin, as it indicates additional mainstream acceptance, and also because the futures contracts will make it easier to trade the new asset class. However, it will also mean that bitcoin will be facing more government regulation, and that it will now be open to something it has never had to deal with before: short investors. 041b061a72


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