Bitcoin Friday Futures Become Most Successful CME Group Cryptocurrency Product Launch
CME Group has launched Bitcoin Friday futures (BFF), becoming their most successful cryptocurrency product launch with 31,498 contracts traded across two contract weeks. The first trade was executed by Galaxy and Marex on September 29. These futures are sized at one-fiftieth of one bitcoin and cash-settled to the CME CF Bitcoin Reference Rate New York Variant (BRRNY) every Friday at 4:00 p.m. New York time.
Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group, highlighted the strong customer interest and the benefits of the smaller contract size and weekly Friday expiry. Industry leaders from Marex and Galaxy praised the launch, emphasizing its role in bridging traditional finance and crypto markets, and providing efficient hedging tools.
A new BFF contract is listed every Thursday at 6:00 p.m. New York time for a Friday trade date, with traders able to access the nearest two Fridays at any given point.
CME Group ha lanciato i futures su Bitcoin Friday (BFF), diventando il loro lancio di prodotto cripto più riuscito con 31.498 contratti scambiati in due settimane di contratti. Il primo scambio è stato eseguito da Galaxy e Marex il 29 settembre. Questi futures sono dimensionati a un cinquantesimo di un bitcoin e liquidati in contante secondo il CME CF Bitcoin Reference Rate New York Variant (BRRNY) ogni venerdì alle 16:00 ora di New York.
Giovanni Vicioso, Responsabile Globale dei Prodotti Cryptovaluta presso CME Group, ha sottolineato il forte interesse dei clienti e i vantaggi delle dimensioni del contratto più piccole e della scadenza settimanale il venerdì. I leader del settore di Marex e Galaxy hanno lodato il lancio, enfatizzando il suo ruolo nel collegare la finanza tradizionale ai mercati cripto, e nel fornire strumenti di copertura efficienti.
Un nuovo contratto BFF viene quotato ogni giovedì alle 18:00 ora di New York per una data di scambio di venerdì, con i trader che possono accedere ai due venerdì più prossimi in qualsiasi momento.
CME Group ha lanzado futuros de Bitcoin Friday (BFF), convirtiéndose en su lanzamiento de producto de criptomonedas más exitoso con 31,498 contratos negociados en dos semanas de contratos. La primera operación fue ejecutada por Galaxy y Marex el 29 de septiembre. Estos futuros están dimensionados a una quincuagésima parte de un bitcoin y liquidados en efectivo según el CME CF Bitcoin Reference Rate New York Variant (BRRNY) cada viernes a las 4:00 p.m. hora de Nueva York.
Giovanni Vicioso, Jefe Global de Productos de Criptomonedas en CME Group, destacó el fuerte interés de los clientes y los beneficios del tamaño más pequeño del contrato y la fecha de vencimiento semanal el viernes. Líderes de la industria de Marex y Galaxy elogiaron el lanzamiento, enfatizando su papel en la conexión de las finanzas tradicionales con los mercados de criptomonedas, y en proporcionar herramientas de cobertura eficientes.
Un nuevo contrato BFF se cotiza cada jueves a las 6:00 p.m. hora de Nueva York para una fecha de negociación el viernes, con los comerciantes que pueden acceder a los dos viernes más cercanos en cualquier momento dado.
CME 그룹이 비트코인 프라이데이 선물(BFF)을 출시하며 31,498개의 계약 거래를 통해 가장 성공적인 암호화폐 상품 출시를 기록하였습니다. 첫 거래는 9월 29일 갤럭시와 마렉스에 의해 이루어졌습니다. 이 선물은 비트코인의 50분의 1 크기로 매주 금요일 오후 4시(뉴욕 시간)에 CME CF 비트코인 기준 요율 뉴욕 변형(BRRNY)에 현금으로 정산됩니다.
CME 그룹의 글로벌 암호화폐 제품 책임자 Giovanni Vicioso는 고객들의 높은 관심과 더 작은 계약 규모 및 매주 금요일 만료의 이점을 강조했습니다. 마렉스와 갤럭시의 산업 리더들은 이 출시를 칭찬하며 전통 금융과 암호화 시장을 연결하고 효율적인 헤지 도구를 제공하는 역할을 강조했습니다.
새로운 BFF 계약은 매주 목요일 오후 6시(뉴욕 시간)에 금요일 거래 날짜로 상장되며, 트레이더는 언제든지 가장 가까운 두 개의 금요일에 접근할 수 있습니다.
CME Group a lancé des contrats à terme Bitcoin Friday (BFF), devenant ainsi son lancement de produit cryptographique le plus réussi avec 31 498 contrats échangés sur deux semaines de contrats. La première transaction a été exécutée par Galaxy et Marex le 29 septembre. Ces contrats à terme sont dimensionnés à un cinquantième d'un bitcoin et règlementés en espèces selon le taux de référence CME CF Bitcoin New York Variant (BRRNY) chaque vendredi à 16h00, heure de New York.
Giovanni Vicioso, Responsable Mondial des Produits Cryptomonnaies chez CME Group, a souligné le fort intérêt des clients ainsi que les avantages de la plus petite taille de contrat et de l'échéance hebdomadaire le vendredi. Des leaders du secteur de Marex et Galaxy ont salué le lancement, en mettant en avant son rôle de pont entre la finance traditionnelle et les marchés crypto, et en offrant des outils de couverture efficaces.
Un nouveau contrat BFF est inscrit chaque jeudi à 18h00, heure de New York, pour une date de交易 de vendredi, permettant aux traders d'accéder aux deux vendredis les plus proches à tout moment.
CME Group hat Bitcoin Friday Futures (BFF) gestartet und damit den erfolgreichsten Start eines Kryptowährungsproduktes mit 31.498 gehandelten Verträgen über zwei Vertragswochen erreicht. Der erste Handel wurde am 29. September von Galaxy und Marex durchgeführt. Diese Futures sind auf einen fünfzigsten Teil eines Bitcoins dimensioniert und werden jeden Freitag um 16:00 Uhr New Yorker Zeit in bar gemäß dem CME CF Bitcoin Reference Rate New York Variant (BRRNY) abgerechnet.
Giovanni Vicioso, Global Head of Cryptocurrency Products bei CME Group, hob das starke Kundeninteresse und die Vorteile der kleineren Vertragsgröße sowie den wöchentlichen Ablauf am Freitag hervor. Branchenführer von Marex und Galaxy lobten den Start und betonten dessen Rolle bei der Verbindung von traditioneller Finanzwirtschaft und Krypto-Märkten und bei der Bereitstellung effizienter Hedging-Tools.
Ein neuer BFF-Vertrag wird jeden Donnerstag um 18:00 Uhr New Yorker Zeit für ein Freitags-Handelsdatum gelistet, wobei die Händler jederzeit auf die zwei nächsten Freitage zugreifen können.
- Launch of Bitcoin Friday futures (BFF) became CME Group's most successful crypto futures launch with 31,498 contracts traded on day one
- Smaller contract size (one-fiftieth of one bitcoin) and weekly Friday expiry provide more accessible and effective bitcoin exposure management
- Strong early customer interest and support for the new contracts, both on-screen and through the block market
- Provides a regulated platform for bitcoin futures trading
- None.
Insights
The launch of Bitcoin Friday futures (BFF) by CME Group marks a significant milestone in the cryptocurrency derivatives market. With 31,498 contracts traded across two contract weeks on day one, it has become CME's most successful crypto futures launch ever. This strong debut indicates substantial market demand and potential for growth.
Key features of BFF include:
- Smaller contract size (one-fiftieth of one bitcoin)
- Weekly Friday expiry
- Cash settlement based on CME CF Bitcoin Reference Rate New York Variant
These features make BFF more accessible to a broader range of investors and provide more precise hedging tools. The product's design, mimicking popular perpetual contracts on crypto platforms, could attract more traders from the crypto space to regulated markets.
For CME Group, this successful launch could lead to increased trading volumes and revenue from cryptocurrency-related products. It also strengthens CME's position as a leader in regulated crypto derivatives, potentially attracting more institutional investors to the space.
The introduction of Bitcoin Friday futures represents a significant step in bridging the gap between traditional finance and cryptocurrency markets. This product addresses several key market needs:
- Enhanced accessibility due to smaller contract size
- Improved hedging capabilities with weekly expirations
- Regulated environment, appealing to institutional investors
The strong initial trading volume of 31,498 contracts suggests high market interest and liquidity potential. This could lead to more efficient price discovery and potentially reduce the spread between futures and spot bitcoin prices.
Moreover, by offering a product similar to popular crypto perpetuals, CME is directly competing with unregulated crypto exchanges. This move could accelerate the shift of trading volume to regulated platforms, potentially improving market integrity and reducing manipulation risks in the broader crypto market.
Long-term, if BFF maintains its momentum, it could contribute to increased mainstream adoption of bitcoin as a financial asset and further legitimize the cryptocurrency market in the eyes of traditional investors and regulators.
"With more than 31,000 contracts traded on day one, Bitcoin Friday futures have become our most successful crypto futures launch ever," said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group. "We are pleased to see such early customer interest and support for these new contracts, both on screen and through the block market. The smaller size of these contracts, along with a weekly Friday expiry, will provide investors with not only a more accessible way to access the bitcoin market, but will also allow them to more effectively manage their bitcoin exposure – all on a regulated exchange."
"The launch of CME Group's Bitcoin Friday futures is a significant step toward crypto adoption within a regulated framework. These weekly contracts offer efficient hedging by closely tracking the spot price and provide a cost-effective exposure to bitcoin," said Harry Benchimol, Co-Head of Derivatives Engine at Marex. "By introducing a product closer to the very popular perpetuals on crypto platforms, CME Group is closing the gap between traditional financial and crypto markets. Marex is proud to have executed the first block trade, reinforcing our commitment to improving liquidity and driving innovation in the crypto market."
"The launch of Bitcoin Friday futures by CME Group represents a significant advancement in the broadening of crypto derivatives markets, offering investors a flexible and efficient way to manage their bitcoin exposure," said Michael Harvey, Head of Franchise Trading at Galaxy. "These weekly contracts closely track spot prices, providing a valuable tool for growing liquidity and optimizing trading strategies for traders of all types and sizes. As we continue to bridge the gap between traditional finance and the digital asset space, initiatives like this reinforce our commitment to empowering clients with the best solutions to manage their bitcoin exposure in a transparent market."
Bitcoin Friday futures are sized at one-fiftieth of one bitcoin and cash-settled to the CME CF Bitcoin Reference Rate New York Variant (BRRNY) at 4:00 p.m.
For more information on these products, please visit www.cmegroup.com/bff.
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
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SOURCE CME Group
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