CME has no plan to launch deliverable Bitcoin futures

The exchange confirmed the launch of Bitcoin options.
Bitcoin futures with physical delivery are outside top priorities for the company.

Tanya Abrosimova Independent Analyst

The exchange has no intention to offer Bitcoin futures with physical delivery, following the launch of ICE-based Bakkt trading platform. The company does not see it as good business opportunity, the director of alternative investment products in CME Group Tim McCourt said this in an interview with Markets Media.

“Since we launched bitcoin futures in December 2017, the number one demand from customers has been for options on our futures,” McCourt commented.

CME Group settles Bitcoin futures in fiat; the same approach will be applied to the options. As McCourt noted, the company considers customer needs when developing new products, that'' why, there are no plans to launch deliverable bitcoin futures at this stage.

Since the launch of bitcoin futures, CME has attracted more than 3300 individual investors. This year, on average, the company processed about 7,000 contracts in the aggregate worth of 35,000 BTC.

“Building a new futures market is hard and we have been hugely successful with $1.3bn (€1.19bn) of bitcoin futures traded in May. We have already delivered on milestones and the introduction of options will help develop the ecosystem,” McCourt added.

According to McCourt, new options can use the existing technology, a matching engine, and clearing mechanisms. Currently, the exchange is to perform standard tests for the new instrument.

CME Group announced the decision to expand its set of cryptocurrency derivatives with Bitcoin options at the beginning of September.

Author

Tanya Abrosimova

Independent Analyst

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