Basis Trade at Index Close (BTIC) enables market participants to execute a basis trade relative to the official close for the underlying index for more efficient cash management.
With BTIC+ now available, add more lead time to capture the certainty of the close earlier, several days ahead. Negate the wait to manage risk around an upcoming market close value on a set date (e.g., expiration date).
Benchmark trading against the close
Index rebalancing and reinvestment (adds/deletes)
Efficiently manage index rebalancing and reinvestment risks
Easily hedge OTC swaps and options
Improve balance sheet management and increase cash equitization
Now live: Basis Trade at Index Close on Cryptocurrency futures
The BTIC functionality is now available on CME Group’s suite of market-leading cryptocurrency futures linked to the CME CF Bitcoin and Ether-Dollar Reference Rates, the benchmark prices of bitcoin and ether, including Bitcoin, Micro Bitcoin, and Ether futures.
| Index Futures Product | Ticker Symbol | Minimum Tick Increment | BTIC Block Trade Threshold | Clears into Underlying Product | |||
| CME | Bloomberg | CQG | Refinitiv | ||||
| Bloomberg Commodity Index | AWT | BIIA Index | ERT | 1AWBc1 | 0.01 | 50 | AW |
| E-mini S&P 500 | EST | STEA Index | EPT | 1SETc1 | 0.05 | 500 | ES |
| E-mini NASDAQ-100 | NQT | QNTA Index | NQT | 1NQTc1 | 0.05 | 500 | NQ |
| E-mini Dow ($5) | YMT | YMTA Index | YMT | 1YMTc1 | 1 | 500 | YM |
| E-mini Russell 1000 | R1T | YSRA Index | R1T | 1R1Tc1 | 0.05 | 50 | RS1 |
| E-mini Russell 2000 | RLT | RLBA Index | - | 1RTLc1 | 0.05 | 40 | RTY |
Nikkei/Yen |
NIT |
BKYA Index |
NIT |
1NIU |
0.1 |
50 |
NIY |
Nikkei/USD |
NKT |
BKDA Index |
NKT |
1NKU |
0.1 |
50 |
NKD |
| TOPIX | TPB | TPTA Index | TPB | TPBc1 | 0.1 | N/A | TPY |
| Index Futures Product | Ticker Symbol | Minimum Tick Increment | BTIC Block Trade Threshold | Clears into Underlying Product | |||
| CME | Bloomberg | CQG | Refinitiv | ||||
| S&P 500 Total Return | TRB | SRTA Index | TRB | TBRc1 | 0.05 | 250 | TRI |
| Nasdaq-100 Total Return | N1T | TNRA Index | N1T | 1N1Tc1 | 0.1 | 250 | N1R |
| Russell 1000 Total Return | R1B | RTDA Index | R1B | 1R1Bc1 | 0.1 | 50 | R1R |
| Russell 2000 Total Return | R2T | RTBA Index | R2T | 1R2Tc1 | 0.1 | 50 | R2R |
| Dow Jones Industrial Average Total Return | DTT | RDRA Index | DTT | DTDc1 | 0.5 | 250 | DTR |
| S&P 500 Adjusted Interest Rate Total Return | AST |
ASWA Index |
AST |
AYT |
0.5 |
250 |
ASR |
| FTSE 100 Adjusted Interst Rate Total Return | AFT |
AFTA Index | AFT |
FAT |
0.5 |
50 |
AFR |
| Nasdaq-100 Adjusted Interest Rate Total Return Futures | AQT |
QATA Index |
AQT |
AQT |
0.5 |
250 |
AQR |
| Russell 1000 Adjusted Interest Rate Total Return Futures | ART |
MATA Index |
ARRT |
TRA |
0.5 |
50 |
ARR |
| Russell 2000 Adjusted Interest Rate Total Return Futures | A2T |
RATA Index |
A2T |
A2T |
0.5 |
50 |
A2R |
| DJIA Adjusted Interest Rate Total Return Futures | ADT |
DATA Index |
ADT |
ADT |
0.5 |
250 |
ADR |
| Index Futures Product | Ticker Symbol | Minimum Tick Increment | BTIC Block Trade Threshold | Clears into Underlying Product | |||
| CME | Bloomberg | CQG | Refinitiv | ||||
| Bitcoin Futures | BTB | BTDA <Curncy> | BTB | BTB | $1 per bitcoin | 5 | BTC |
| Micro Bitcoin Futures | MIB | BMYA <Curncy> | MIB | MBI | $1 per bitcoin | 10 | MBT |
| Ether Futures | ETB | DCSA <Curncy> | ETB | EBT | $0.05 per ether | 5 | ETH |
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Learn the Basics: Trading at a Basis to an Index
- Trading at a Basis to an Index Watch our educational video series to learn about the fundamentals of BTIC and TACO trading.
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BTIC and BTIC+ Overview
- View reporting details, a trade example and key information including tickers, tick increment, and BTIC Block thresholds.
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BTIC on Bloomberg Commodity Index
- Learn about BTIC enhancements to handle market disruption events and allow market participants to transact based on the closing index value
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BTIC Trading at Index Option Expirations
- Learn more about how Basis Trade at Index Close (BTIC) trading can bypass the jump risk in the cash index official closing value.
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BTIC Liquidity Report
- View activity in BTIC for E-mini S&P 500, E-mini NASDAQ-100 & E-mini Dow ($5) futures, including historical volume, ADV and open interest, and more.
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Block Trade and BTIC Liquidity Providers
- Want to trade BTIC? View a list of firms who can help facilitate trades.
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Managing an Index Reconstitution
- Learn about index reconstitutions and how to mitigate risk and gain efficient exposure using a BTIC transaction.
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BTIC versatility
- Read about BTIC's multitude of use cases and understand why its versatility has led to widespread adoption of the functionality.
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