Trade cryptocurrency basis with the pricing credibility and transparency of regulated CME CF Bitcoin Reference Rate (BRR) and Ether-dollar Reference Rate (ETHUSD_RR) benchmarks. Basis Trade at Index Close (BTIC) enables market participants to execute a basis trade relative to the reference price of the CME CF Reference Rates. BTIC is now available on Bitcoin, Micro Bitcoin, and Ether futures.
Tap into the real-time price discovery of the BTIC orderbook of trades submitted against CME CF Reference Rates.
Isolate the basis (spread) between the price of futures and the underlying index so you can better manage risk.
Effectively manage risk around the creation/redemption of net asset value (NAV) print of ETFs.
Easily transfer risk and optimize holdings between cryptocurrency futures and the spot cryptocurrency.
BTIC transactions provide the bridge between the reference price of a benchmark index and the corresponding futures market. How it works for BTIC on Cryptocurrency futures:
|Bitcoin futures||Micro Bitcoin futures||Ether futures||Micro Ether futures|
|CME Product Codes||Futures: BTC||Futures: MTB||Futures: ETH||Futures: MET|
|BTIC: BTB||BTIC: MIB||BTIC: ETB||BTIC: MRB|
|Underlying Reference Rate||BRR||BRR||ETHUSD_RR||ETHUSD_RR|
|Underlying Contract Size||5 bitcoin||0.10 bitcoin||50 ether||0.10 ether|
Sunday - Friday 6:00 p.m. ET - 4:00 p.m. London Time (11:00 a.m./12:00 p.m. ET).
Monday - Thursday 4:30 p.m. London Time (11:30 a.m./12:30 p.m. ET) - 5:00 p.m. ET.
Friday 4:30 p.m. London Time (11:30 a.m./12:30 p.m. ET) – 5:00 p.m. ET for Monday’s Reference Rate
Monday - Thursday 5:00 p.m. - 6:00 p.m. ET daily maintenance period.
|ClearPort Hours||Sunday 6:00 p.m. ET – Monday 4:00 p.m. London Time (11:00 a.m./12:00 p.m. ET).
Monday – Thursday 1:00 p.m. ET – 6:45 p.m. ET and 7:00 p.m. ET to 4:00 p.m. London Time (11:00 a.m./12:00 p.m. ET).
Monday – Friday 4:00 p.m. London Time - 1:00 p.m. ET and 6:45 p.m. – 7:00 p.m. ET daily maintenance period.
|Minimum Price Fluctuation||Outright: $5.00 per bitcoin = $25.00 per contract||Outright: $5.00 per bitcoin = $0.50 per contract||Outright: $0.25 per ether = $12.50 per contract||Outright: $0.50 per ether = $0.05 per contract|
|Calendar Spread: $1.00 per bitcoin = $5.00 per contract||Calendar Spread: $1.00 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|
|BTIC: $1 per bitcoin||BTIC: $1 per bitcoin||BTIC: $0.05 per ether||BTIC: $0.10 per ether|
|Listed Contracts||6 consecutive monthly contracts listed inclusive of nearest 2 Dec contract months|
|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.|
|BTIC: For an expiring futures contract, BTIC trading shall terminate at 4:00pm London time on the business day immediately preceding the day of Final Settlement Price determination for such futures contract. For clarity, BTIC transactions in expiring futures contracts may not be initiated on the Last Trade Date in such expiring futures.|
|Block Minimum||Futures: 5 contracts||Futures: 10 contracts||Futures: 5 contracts||Futures: 100 contracts|
|BTIC: 5 contracts||BTIC: 10 contracts||BTIC: 5 contracts||BTIC: 100 contracts|