Trading at Settlement on Cryptocurrency futures

Access the Bitcoin and Micro Bitcoin futures close with certainty using Trading at Settlement (TAS), a way to trade futures at a spread to their underlying 4:00 p.m. ET daily settlement price.

Transact at/near settlement price in advance

Execute at any point of the trading day, including non-U.S. hours, at a spread to the settlement price rather than waiting for the market close. Mitigate uncertainty around settlement pricing.

Manage risk around ETFs

Effectively manage risk around the creation or redemption of the net asset value (NAV) print of cryptocurrency based ETFs, at any time of the day.

Enjoy multiple ways to trade

Choose the trade execution method that suits your needs: trade via CME Globex central limit order book or by privately negotiating block trades with a preferred counterparty.

FAQ

Find answers quickly about TAS

Get in-depth answers about Trading at Settlement on Bitcoin and Micro Bitcoin futures. Compare outright vs. TAS transactions, review quoting conventions, view fees, and more.

How TAS works for Cryptocurrency futures

The TAS mechanism allows clients to mitigate execution risk during the settlement period in the trading session. Clients can execute at the settlement price even outside of U.S. hours. 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.

Symbols

TBT
TBM

Contract

TAS on Bitcoin futures
TAS on Micro Bitcoin futures

TAS ON BITCOIN FUTURES EXAMPLE
TAS transaction at execution

A market participant wants to execute TAS on Bitcoin futures (BTC), at a spread of +2. The participant would transact under its TAS symbol, TBT, at a price of +2.

Spread = +2

BTC Settlement Price

Assume that Bitcoin futures (BTC) later settle at $18,500 at 4:00 p.m. ET.

BTC Settlement Price =$18,500

Final price of resulting position

 The TBT trade would be replaced with a BTC contract at a price of $18,502.

$18,500 +2 =$18,502

Contract specifications

  Bitcoin futures Micro Bitcoin futures
CME PRODUCT CODES Futures: BTC

TAS: TBT
Futures: MTB

TAS: TBM
UNDERLYING CONTRACT SIZE 5 bitcoin 0.10 bitcoin
Trading hours

CME Globex:
Sunday - Friday 6:00 p.m. - 4:00 p.m. ET

CME ClearPort:
Sunday 6:00 p.m. - Friday 6:45 p.m. ET with no reporting Monday - Thursday from 6:45 p.m. - 7:00 p.m. ET. TAS submission for the next day's settlement price is available after 7:00 p.m. ET.

MINIMUM PRICE FLUCTUATION Outright: $5.00 per bitcoin = $25.00 per contract

Calendar Spread: $1.00 per bitcoin = $0.10 per contract

TAS: Zero or +/- 25 ticks. $1.00 per bitcoin = $5.00
Outright: $5.00 per bitcoin = $0.50 per contract

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

TAS: Zero or +/- 25 ticks. $1.00 per bitcoin = $0.10
LISTED CONTRACTS Monthly contracts listed for six consecutive months, quarterly contracts (Mar, Jun, Sep, Dec) listed for four additional quarters and a second Dec contract if only one is listed.

TAS is available on the front month only. 
TERMINATION OF TRADING Futures: Trading terminates at 4:00 p.m. London time on the last Friday of the contract month if that day is a business day in either the U.K. or the U.S. If that day is not a business day in both the U.K.  and the U.S, trading shall terminate on the preceding day that is a business day in either the U.K. or the U.S.

TAS: For an expiring futures contract, TAS trading shall terminate at 4:00 P.M. ET on the business day immediately preceding the last trade date for such futures contract. For clarity, TAS transactions in expiring futures contracts may not be initiated on the last trade date on such expiring futures.
BLOCK MINIMUM Futures: 5 contracts

TAS: 5 contracts
Futures: 10 contracts

TAS: 10 contracts

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