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CME Group, the largest derivatives marketplace in the world, is expanding its crypto contract reach beyond the shores of the dollar. The derivatives marketplace finally launched its EUR-denominated BTC and ETH futures contracts.
BTC and ETH EUR contracts are already live on the platform
CME Group announced the update on its official website on Monday. A quick tour on its platform showed that the marketplace had already integrated the change. Per the press release, the EUR-denominated BTC futures contract will come with a size of 5 BTC per contract. On the other hand, the ETH Euro contract will have 50 ETH per contract.
According to CME Group, the contracts will have a cash settlement feature, instead of settlements with the underlying assets. Additionally, CME Group will base the contracts on the CME CF Bitcoin-EUR Reference Rate (BTCEUR_RR) and the CME CF Ether-EUR Reference Rate (ETHEUR_RR). These reference rates get cryptocurrency data from top exchanges with a calculation window of 3-4 PM London Time.
Speaking on the development, Tim McCourt, Global Head of Equity and FX Products at CME Group said,
The launch of these new futures contracts builds on the strong growth and deep liquidity we have seen in our existing U.S. dollar-denominated Bitcoin and Ether futures contracts.
