What's new
  1. Micro Bitcoin Euro & Micro Ether Euro futures
  2. What is the underlying Reference Rate?
  3. How are the futures settled?
  4. What currency are fees and margins in?
General
  1. Ether/Bitcoin Ratio futures
  2. What does it mean to buy or sell Ether/Bitcoin Ratio futures?
  3. How is Settlement determined
  4. What contracts will be listed?
  5. What is the relationship between Cryptocurrency futures and the underlying spot market?
  6. What Cryptocurrency futures are available for trading?
  7. Where can I open an account?
  8. How can I trade?
  9. Which platforms support Cryptocurrency futures trading?
  10. Do I need a digital wallet to trade Cryptocurrency futures?
Product Details
  1. What are the contract specifications?
  2. Are Cryptocurrency futures available to trade 24/7?
  3. Are Cryptocurrency futures block eligible?
  4. Are Cryptocurrency futures BTIC eligible?
  5. Are Cryptocurrency futures EFP/EFRP eligible?
  6. How are the Cryptocurrency futures daily settlement prices determined?
  7. Are Cryptocurrency futures subject to price limits?
  8. How are Cryptocurrency futures final settlement prices determined?
  9. What is the maximum order size for Cryptocurrency futures on CME Globex?
  10. What are the position limits for Cryptocurrency futures?
  11. What other Cryptocurrency products are available?
  12. Through which market data channel are these products available?
  13. What are the CME CF Cryptocurrency Reference Rates?
  14. When are the underlying Reference Rates published?
Fee and margin details
  1. To which CME CF Reference Rates do available Cryptocurrency futures contracts settle?
  2. What are the fees for Cryptocurrency futures?
  3. What are the margin requirements for Cryptocurrency futures?
  4. Are Bitcoin Euro and Ether Euro futures margined in euros?
Calendar spreads
  1. What are the available margin credits for offsetting positions between Cryptocurrency futures?
  2. What calendar spreads does CME Group list?
  3. What are the ticker symbol conventions for calendar spread trading?
  4. What does the spread price signify? How are separate contracts priced when I do a spread trade?
  5. Do the euro-denominated contracts follow a different spread convention?
Additional information
  1. What is CME Group’s policy regarding hard forks?
  2. On which exchange are Cryptocurrency futures listed?
  3. What regulation applies to the trading of Cryptocurrency futures?
  4. What accounting and other regulatory treatment is afforded to Cryptocurrency futures in my local jurisdiction?
  5. In which division do Cryptocurrency futures reside?
  6. Is there a cap on clearing liability for Cryptocurrency futures?
  7. Where do Cryptocurrency futures fall in CME Clearing’s guaranty fund?
  8. How can I access CME Globex?
  9. How can I access the reference data?
  10. Where can I find more information on Cryptocurrency futures?
  11. Where can I see prices for Cryptocurrency futures?


COMING SOON

Precisely manage euro-denominated micro cryptocurrency exposure


What's new

1. Micro Bitcoin Euro & Micro Ether Euro futures

Micro Bitcoin Euro & Micro Ether Euro futures are now available to trade, sized at 1/10 of a bitcoin or ether per contract. These new contracts will be cash-settled, based on the CME CF Bitcoin-Euro Reference Rate and CME CF Ether-Euro Reference Rate, which serve as once-a-day reference rates of the euro-denominated price of bitcoin and ether.

For product specifications, see question 15.


2. What is the underlying Reference Rate?

The CME CF Bitcoin-Euro Reference Rate and CME CF Ether-Euro Reference Rates are a once-a-day reference rate of the fiat price of a specific cryptocurrency. The rates are calculated using aggregated cryptocurrency trade activity from major spot exchanges during an explicit calculation window. Calculation rules are geared towards maximum transparency and replicability in the underlying spot markets. 

The Euro Reference Rates and Real-Time indices are not converted from USD rates.


3. How are the futures settled?

Daily settlement for the EUR- and USD-denominated contracts are based on their respective volume-weighted average price (VWAP) of CME Globex trades between 2:59:00 p.m. and 3:00:00 p.m. Central Time rounded to the nearest tradable tick.

A fixing price will be available for the EUR-denominated contracts. Such fixing prices are for reference only and will be based on the 30-minute VWAP of CME Globex trades taken between 3:30 p.m. and 4:00 p.m. London time for the respective contract.

The final settlement value of the futures contracts are based on the underlying CME CF Cryptocurrency Reference Rate at 4:00 p.m. London time on the expiration day of the futures contract.

4. What currency are fees and margins in?

All Cryptocurrency futures fees are charged in U.S. dollars. Micro Bitcoin Euro and Micro Ether Euro futures initial and maintenance margins will be processed in euros.


General

5. Ether/Bitcoin Ratio futures

Launched July 2023, trade Ether/Bitcoin Ratio futures. The contract is a cash-settled futures contract that represents the US dollar price of one (1) Ether futures contract (CME Chapter 349) to the US dollar price of one (1) Bitcoin futures contract (CME Chapter 350). This ratio is multiplied by $1,000,000 to determine the notional contract size. The contract is a single trade on the relative performance of ether and bitcoin, it does not trade the Ether and Bitcoin futures legs. 

For product specifications, see question 11.


6. What does it mean to buy or sell an Ether/Bitcoin Ratio futures?

The contract may be interpreted as representing the number of bitcoin needed to buy one ether. So an investor who believes that ether will outperform/underperform bitcoin may buy/sell the contract. Consider the following scenarios: 

Using a price of $2,405 for ether and $43,965 for bitcoin

Current ratio is 0.054703 ($2,405 ÷ $43,965), notional value of $54,703

Scenario 1: Trader expects ether price to rise 5% and bitcoin remains the same, trader buys the contract at $54,703.

If ether rises 5% as expected with bitcoin the same, they would sell the contract for $2525 (ETH +5%) ÷ $43965 (BTC same) = 0.057438, notional value of $57438 the trader makes $2,708 ($57438 - $54,730) on the trade.

Scenario 2: Trader expects ether price to remain the same and bitcoin falls 10%, trader buys the contract at $54,703.

If bitcoin falls 10% as expected with ether the same, $2,405 (ETH same) ÷ $39,569 (BTC -10%) = 0.060781, notional value of $60,781 the trader makes $6,078 ($54,703 - $60,781) on the trade.

 


7. How is Settlement determined?

Final settlement price of the Ether/Bitcoin Ratio futures shall be determined by the final settlement prices of the Ether futures contract (ETH) and the Bitcoin futures contract (BTC) of the same contract month.  It shall be calculated by the final settlement price of the Ether futures divided by the final settlement price of the Bitcoin futures, rounded to the nearest 0.000001.

Daily settlement for Ether/Bitcoin Ratio futures will be the daily settlement of the Ether futures and Bitcoin futures divided by each other, rounded to the nearest, tradeable tick, 0.000005. For example, if ETHM3 settled at 2,410.50 and the BTCM3 settled at 43,745, the ETH/BTC Ratio futures for the June contract derives a price of 0.055092. See question 20 for more detail on the daily settlement procedures for Ether and Bitcoin futures.


8. What contracts will be listed?

CME Group will list all possible combinations of the listed months. The ratio will use only the same month, e.g., the Ether futures contract for May2024 divided by the Bitcoin futures contract for May 2024. Monthly contracts listed for six consecutive months, quarterly contracts (March, June, Sept., Dec.) listed for four additional quarters and a second Dec. contract if only one is listed.

  Globex Bloomberg CQG Refinitiv
Ether/Bitcoin Ratio Futures EBR VBRK3 Index EBR BER

9. What is the relationship between Cryptocurrency futures and the underlying spot market?

Cryptocurrency futures from CME Group are based on and settle to their corresponding CME CF Reference Rate, which aggregates trading activity across major cryptocurrency spot exchanges between 3:00 p.m. and 4:00 p.m. London time.


10. What Cryptocurrency futures are available for trading?

CRYPTOCURRENCY

CONTRACT

FUTURES CONTRACT SYMBOL

CONTRACT UNIT

REFERENCE RATE

UNDERLYING REFERENCE RATE SYMBOL

REFERENCE RATE CALCULATION WINDOW

Bitcoin

Bitcoin futures

BTC

5 Bitcoin

CME CF Bitcoin Reference Rate*

BRR

3:00 p.m. - 4:00 p.m. London time

 

Micro Bitcoin futures

MBT

1/10 Bitcoin

Bitcoin Euro futures

BTE

5 Bitcoin

CME CF Bitcoin-Euro Reference Rate

CME CF Bitcoin-Euro Reference Rate

BTCEUR_RR

BTCEUR_RR

 

Micro Bitcoin Euro futures

EBM

1/10 Bitcoin

Ether

Ether futures

 

ETH

50 Ether

CME CF Ether-Dollar Reference Rate*

ETHUSD_RR

Micro Ether futures

MET

1/10 Ether

Ether Euro futures*

ETE

50 Ether

CME CF Ether-Euro Reference Rate

ETHEUR_RR

Micro Ether Euro futures

EEM

1/10 Ether

Ether/Bitcoin

Ether/Bitcoin Ratio futures

EBR

$1,000,000

CME CF Ether-Dollar Reference Rate / CME CF Bitcoin Reference Rate

ETHUSD_RR

N/A*

*Ether/Bitcoin Ratio futures come to final settlement based on the final settlement prices of the Ether futures contract (ETH) and the Bitcoin futures contract (BTC) of the same contract month


11. Where can I open an account?

To trade Cryptocurrency futures offered by CME Group, you need an account with a futures broker that is licensed to execute futures trades. In the derivatives business, brokerage firms are known as either a futures commission merchant (FCM) or an introducing broker (IB). A list of brokers that offer clients access to trade Cryptocurrency futures can be found here. Once the account is set up for cryptocurrencies and funded, you are ready to trade.


12. How can I trade?

If you have an existing relationship with a futures broker and do not see CME Group cryptocurrency tickers on your trading platform, reach out to your broker to enable trading. If you do not have a futures brokerage account, please see the previous question.


13. Which platforms support Cryptocurrency futures trading?

See the full list of Independent Software Vendors (ISV) here.

Additionally, Cryptocurrency futures trading is supported via the CME Globex platform (central limit order book) and block trade submission for clearing via CME ClearPort and CME Direct.


14. Do I need a digital wallet to trade Cryptocurrency futures?

No. You do not need a digital wallet because Cryptocurrency futures are financially settled and therefore do not involve the exchange of the underlying coin/token.


Product details

15. What are the contract specifications?

 

Bitcoin futures

Micro Bitcoin futures

Ether futures

Micro Ether futures

Ether/Bitcoin Ratio Futures

CONTRACT UNIT

5 Bitcoin

0.10 Bitcoin

50 Ether

0.10 Ether

$1,000,000

Price Quotation

USD per Bitcoin

USD per Bitcoin

USD per Ether

USD per Ether

USD

MINIMUM PRICE FLUCTUATION

Outright: $5.00 per Bitcoin = $25.00 per contract

Outright: $5 per Bitcoin = $0.50 per contract

Outright: $0.50 per Ether = $25.00 per contract

Outright: $0.50 per Ether = $0.05 per contract

Outright: 0.000005 = $5.00 per contract

Calendar Spread: $1.00 per Bitcoin = $5.00 per contract

Calendar Spreads: $1 per Bitcoin = $0.10 per contract

Calendar Spread: $0.05 per Ether = $2.50 per contract

Calendar Spread: $0.10 per Ether = $0.01 per contract

Calendar Spread: 0.000001 = $1.00 per contract

TRADING HOURS

CME Globex:
Sunday - Friday 5:00 p.m. - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT

 

CME ClearPort:
Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday 5:45 p.m. – 6:00 p.m.

 

PRODUCT CODE

BTC

MBT

ETH

MET

EBR

LISTING CYCLE

Six consecutive monthly contracts, plus four quarterly contracts and a second Dec contract if only one is listed.

Settlement Method

Financially settled

TERMINATION OF TRADING

Trading terminates at 4:00 p.m. London time on the last Friday of the contract month that is either a London or U.S. business day. If the last Friday of the contract month day is not a business day in both London and the U.S., trading terminates on the prior London or U.S. business day.

POSITION LIMITS

CME Position Limits

BLOCK MINIMUM

Block Minimum Thresholds

PRICE LIMITS

Price Limits 

SETTLEMENT

Settlement Procedures

 

Bitcoin Euro futures

MICRO BITCOIN EURO FUTURES

Ether Euro futures

Micro Ether Euro Futures

CONTRACT UNIT

5 Bitcoin

0.10 Bitcoin

50 Ether

0.10 Ether

Price Quotation

EUR per Bitcoin

EUR per Bitcoin

EUR per Ether

EUR per Ether

MINIMUM PRICE FLUCTUATION

Outright: €5.00 per Bitcoin = €25.00 per contract

Outrights: €5 per bitcoin = €0.50
BTIC: €1.00 per bitcoin = €0.10

Outright: €0.50 per Ether = €25.00 per contract

Outright: €0.50 per ether = €0.05 per contract
BTIC: €0.10 per ether = €0.01 per contract
Calendar 

Calendar Spread: €1.00 per Bitcoin = €5.00 per contract

Calendar Spreads: €1 per bitcoin =

€0.10 per contract

Calendar Spread: €0.05 per Ether = €2.50 per contract

Calendar Spread: €0.10 per ether = €0.01 per contract

TRADING HOURS

CME Globex:
Sunday - Friday 5:00 p.m. - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT

 

CME ClearPort:
Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday 5:45 p.m. – 6:00 p.m.

 

PRODUCT CODE

BTE

EBM

ETE

EEM

LISTING CYCLE

Six consecutive monthly contracts, plus four quarterly contracts and a second Dec contract if only one is listed.

Settlement Method

Financially settled

TERMINATION OF TRADING

Trading terminates at 4:00 p.m. London time on the last Friday of the contract month that is either a London or U.S. business day. If the last Friday of the contract month day is not a business day in both London and the U.S., trading terminates on the prior London or U.S. business day.

POSITION LIMITS

CME Position Limits

BLOCK MINIMUM

Block Minimum Thresholds

PRICE LIMITS

Price Limits 

SETTLEMENT

Settlement Procedures


16. Are Cryptocurrency futures available to trade 24/7?

Yes. Eligible contract participants can trade blocks and EFRPs (Exchange for Related Positions) bilaterally or through a broker/ECN. Blocks can be negotiated pursuant to CME Rule 526 while EFRP transactions are covered by CME Rule 538.

On-screen trading is available through CME Globex, our electronic platform, 23 hours per day beginning Sunday evening at 6∶00 p.m. Eastern time and ending at 5∶00 p.m. ET Friday afternoon, with a one-hour maintenance break Monday through Thursday between 5:00 p.m. and 6:00 p.m. ET.


17. Are Cryptocurrency futures block eligible?

Yes. Block transactions are allowed for Cryptocurrency futures, subject to reporting requirements per CME Rule 526.  The minimum block thresholds may be found here.


18. Are Cryptocurrency futures BTIC eligible?

Yes, except for the Euro-denominated and Ether/Bitcoin Ratio contracts, our Cryptocurrency futures are BTIC eligible. Find out more about Basis Trade at Index Close (BTIC) eligible Cryptocurrency futures here.


19. Are Cryptocurrency futures EFP/EFRP-eligible?

Yes, Cryptocurrency futures are EFP/EFRP eligible pursuant to CME Rule 538.


20. How are the Cryptocurrency futures daily settlement prices determined?

Daily settlement for our standard USD- and EUR-denominated contracts are based on their respective volume-weighted average price (VWAP) of CME Globex trades between 2:59:00 p.m. and 3:00:00 p.m. Central time rounded to the nearest tradable tick. Settlement for our available Micro Cryptocurrency futures contracts are to the settlement prices of the corresponding standard contracts.

Additionally, a fixing price will be available for the EUR-denominated contracts.  Such fixing prices are for reference only and will be based on the 30-minute VWAP of CME Globex trades taken between 3:30 p.m. and 4:00 p.m. London time for the respective contract.

For Ether/Bitcoin Ratio futures, the daily settlement will be the daily settlement of the Ether futures and Bitcoin futures divided by each other. For example, if ETHM3 settled at 1896.50 and the BTCM3 settled at 30.705, the ETH/BTC Ratio futures for the June contract derives a price of 0.061765.


21. Are Cryptocurrency futures subject to price limits?

Yes, Cryptocurrency futures are subject to price limits on a dynamic basis. At the commencement of each trading day, Cryptocurrency futures are assigned a price limit variant, which equals a percentage of the prior day’s Exchange-determined settlement price, or a price deemed appropriate by the GCC. During the trading day, the dynamic variant is applied in rolling 60-minute look-back periods to establish dynamic lower and upper price fluctuation limits as follows:

  • The dynamic variant is subtracted from the highest trade and/or bid price during a look-back period to establish the lower price fluctuation limit.
  • The dynamic variant is added to the lowest trade and/or offer price during a look-back period to establish the upper price fluctuation limit.

22. How are Cryptocurrency futures final settlement prices determined?

The final settlement value is based on the underlying CME CF Cryptocurrency Reference Rate at 4:00 p.m. London time on the expiration day of the futures contract.

The final settlement price of the Ether/Bitcoin Ratio futures shall be determined by the final settlement prices of the Ether futures contract (ETH) and the Bitcoin futures contract (BTC) of the same contract month. It shall be calculated by the final settlement price of the Ether futures divided by the final settlement price of the Bitcoin futures, rounded to the nearest 0.000001.


23. What is the maximum order size for Cryptocurrency futures on CME Globex?

 

Bitcoin Futures, Bitcoin Euro futures, Ether futures, Ether Euro futures, Ether/Bitcoin Ratio Futures

Micro Bitcoin futures, Micro BITCOIN EURO FUTURES

Micro Ether futures, MICRO ETHER EURO FUTURES

Maximum order size

100

500

1,000


24. What are the position limits for Cryptocurrency futures?

Position limits are the maximum amount of contracts that a client may hold in the front month. The limits include both client’s standard and micro-sized contract holdings, where micro-sized contracts held are expressed in equivalent standard-sized contracts.

For example, an open position in ETH futures will count as one contract toward the limit while an open position in a MET contract will count as 1/500 of a contract:

Assume a client is long 1,000 ETH and long 1,000 MET, in this case, 1,002 contracts (1,000 ETH + 1,000 MET/500) will go toward the position limit test.

Position limits as of July 25, 2024:

Contract name

Maximum contracts

Bitcoin futures + Micro Bitcoin futures

4,000*

Ether futures + Micro Ether futures

8,000

Ether/Bitcoin Ratio futures

4,000

*Three business days before expiration the position limit for Bitcoin futures lowers to 2,000 contracts

More on position limits.


25. What other Cryptocurrency products are available?

Options on Cryptocurrency futures are available on the following: Bitcoin futures, Micro Bitcoin futures, Ether futures, Micro Ether futures, and Ether/Bitcoin Ratio futures.

See more at cmegroup.com/microcrypto


26. Through which market data channel are these products available?

Cryptocurrency futures real-time market data is available on MDP Channel 326 and Cryptocurrency futures historical data is available through CME DataMine.

Additionally, real-time market data for the underlying Reference Rates and Real-Time Indices are available through MDP Channel 213. Reference Rate and Real-Time Index historical data is available through CME DataMine.


27. What are the CME CF Cryptocurrency Reference Rates?

Designed by CME Group and CF Benchmarks around the IOSCO Principles for Financial Benchmarks, the Reference Rates are a daily reference rate of the USD or EUR price of one underlying token as of 4:00 p.m. London time. The Reference Rates are representative of the trading activity on Constituent Exchanges and are geared towards resilience and replicability. More than 15 CME CF Reference Rates are available providing market participants reliable price discovery across multiple cryptocurrencies. See the full list here.

Note: The Euro Reference Rates and Real-Time indices are not converted from USD rates. Euro-denominated rates follow the same methodology as the existing rates.

Find out more about CF Benchmarks, calculation methodology, Constituent Exchanges, historical data, oversight, and more here.


28. When are the underlying Reference Rates published?

In general, CME CF Reference Rates are published at 4:00 p.m. London time. Some cryptocurrencies (e.g., Bitcoin and Ether) have reference rates that are also published at 4:00 p.m. New York time and 4:00 p.m. Hong Kong/Singapore time.


Fee and margin details

29. To which CME CF Reference Rates do available Cryptocurrency futures contracts settle?

The available CME Group Cryptocurrency futures settle to the CME CF Reference Rates that are published at 4:00 p.m. London time. More specifically:

CONTRACT SYMBOL REFERENCE RATE PUBLICATION TIME
Bitcoin futures BTC CME CF Bitcoin Reference Rate (BRR) 4:00 p.m. London time
Micro Bitcoin futures MBT
Bitcoin Euro futures BTE CME CF Bitcoin-Euro Reference Rate (BTCEUR_RR)
Micro Bitcoin Euro futures EBM
Ether futures ETH CME CF Ether-Dollar Reference Rate (ETHUSD_RR)
Micro Ether futures MET
Ether Euro futures ETE CME CF Ether-Euro Reference Rate (ETHEUR_RR)
Micro Ether Euro futures EEM
Ether/Bitcoin Ratio futures EBR CME CF Ether-Dollar Reference Rate (ETHUSD_RR) / CME CF Bitcoin Reference Rate (BRR)

30. What are the fees for Cryptocurrency futures?

Fees can be found on the CME Fee Schedule. All Cryptocurrency futures fees are charged in U.S. dollars.


31. What are the margin requirements for Cryptocurrency futures?

Exchange margin requirements may be found at cmegroup.com. Please note that clearing firms may require a margin level beyond CME Clearing’s minimum requirement.


32. Are Cryptocurrency futures margined in euros?

Yes, Bitcoin Euro, Micro Bitcoin Euro, Ether Euro and Micro Ether Euro futures - initial and maintenance margins will be processed in euros.


Calendar spreads

33. What are the available margin credits for offsetting positions between CME Group Cryptocurrency futures?

CRYPTOCURRENCY FUTURES MARGINS OFFSETS
  MBT BTC ETH MET
MBT X 1:50 (100%) 3:50 (50%) 30:1 (50%)
BTC 50:1 (100%) x 3:1 (50%) 1500:3 (100%)
ETH 50:3 (50%) 1:3 (50%) X 1500:3 (100%)
MET 1:30 (50%) 3:1500 (100%) 1:500 (100%) x

Margin credits are indicative of their cryptocurrency counterparts; the below estimates are based on current market conditions and are subject to change.


34. What calendar spreads does CME Group list?

CME Group will list all possible combinations of the listed months.


35. What are the ticker symbol conventions for calendar spread trading?

Buying the spread is equivalent to buying the deferred contract month, for example:

BTCF4 – BTCH4 is the Jan. 24/March 24 spread. Buying this spread means buying the March 24 contract and selling the Jan. 24 contract.

If you are long the Jan. 24 contract, buying the Jan/Mar spread will extend your expiration into March.


36. What does the spread price signify? How are separate contracts priced when I do a spread trade?

The price of the spread trade is the price of the deferred expiration less the price of the nearby expiration. After the spread trade is done, the price of the two contracts will be determined using the following convention: 

The nearby contract is priced at its daily settlement price on the previous day. The deferred contract is priced is nearby contract’s assigned price plus the spread price.

For example:

  • Bought BTCF4-BTCH4 @-100
  • Assuming BTCF4 prior settle = 9455
  • Price of the two legs: sold BTCF4 @ 9455, bought BTCH4 @ 9455 + (-100) = 9355.

37. Do the EUR-denominated contracts follow a different spread convention?

No, the EUR-denominated contracts will follow the same convention as the USD-denominated contracts, whereby buying the spread is equivalent to buying the deferred contract month.


Additional information

38. What is CME Group’s policy regarding hard forks?

In the event of a hard fork, Cryptocurrency futures shall continue to settle to the underlying CME CF Reference Rate corresponding to the original token pair. The Exchange may, in its sole discretion, take alternative action with respect to hard forks in consultation with market participants as may be appropriate.


39. On which exchange are Cryptocurrency futures listed?

Cryptocurrency futures are listed and cleared on CME, a U.S.-registered designated contract market (DCM) and derivatives clearing organization (DCO).


40. What regulation applies to the trading of Cryptocurrency futures?

The trading and clearing of Cryptocurrency futures is regulated by the Commodity Futures Trading Commission (CFTC), the regulatory body with exclusive jurisdiction over U.S. Cryptocurrency futures markets.


41. What accounting and other regulatory treatment is afforded to Cryptocurrency futures in my local jurisdiction?

As with any other derivatives product, the accounting treatment of positions in Cryptocurrency futures, and the general local regulatory treatment of trading in Cryptocurrency derivatives, may differ by country and between competent jurisdictions. Market participants are responsible for complying with all applicable U.S. and local requirements. Market participants, particularly those with no experience in trading Cryptocurrency derivatives, should seek professional counsel as necessary and appropriate to their circumstances.


42. In which division do Cryptocurrency futures reside?

Cryptocurrency futures are listed on CME and reside in the IOM Division.


43. Is there a cap on clearing liability for Cryptocurrency futures?

We are using a range of risk management tools related to Cryptocurrency futures. CME Clearing retains the right to impose exposure limits, additional capital requirements and other targeted risk management tools if we see exposures that we determine might become a concern in any product or market. Note that our Cryptocurrency futures products are cash-settled futures contracts. As such, margins will be set in line with the volatility and liquidity profile of the product. Further, we also have the ability for clearing members to impose trading or exposure limits on their clients. Other tools may include increased capital or margin requirements in cases where exposures increase beyond reasonable levels.


44. Where do Cryptocurrency futures fall in CME Clearing’s guaranty fund?

Cryptocurrency futures fall into CME’s Base Guaranty Fund for futures and options on futures.

For all other inquiries regarding margins or CME Clearing’s approach to risk management, please contact clearing.riskmanagement@cmegroup.com.


45. How can I access CME Globex?

To access CME Globex, you must have a relationship with a CME Clearing member firm.


46. How can I access the reference data?

There are three ways to access the data:

  • CME Group website
  • Market Data Platform (MDP) through channel 213
  • CME DataMine

47. Where can I find more information on Cryptocurrency futures?

There are three ways to access the data:

  • CME Group website
  • Market Data Platform (MDP) through channel 213
  • CME DataMine

48. Where can I see prices for Cryptocurrency futures?

Delayed quotes will be available on cmegroup.com. You can also access quotes through major quote vendors.



All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.

CME Group is the world’s leading derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). 
Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

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