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
What's new? BTIC on Cryptocurrency futures
Trade the cryptocurrency basis with the pricing credibility and transparency of regulated CME CF Bitcoin Reference Rate (BRR), Ether-Dollar Reference Rate (ETHUSD_RR), Bitcoin Reference Rate New York (BRRNY), and Ether-Dollar Reference Rate New York (ETHUSD_NY) benchmarks. BTIC is available on Bitcoin, Micro Bitcoin, and Ether, and Micro 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 |
| Product Name | Ticker Symbol | Minimum Tick Increment | BTIC Block Trade Threshold | Clears into Underlying Product | |||
| CME | Bloomberg | CQG | Refinitiv | ||||
| Bitcoin futures against London close | BTB | BTDA <Curncy> | BTB | BTB | 1 | 5 | BTC |
| Bitcoin futures against NY close | BNB | BRBA <Curncy> | BNB | BNB | |||
| Micro Bitcoin futures against London close | MIB | BMYA <Curncy> | MIB | MBI | 1 | 10 | MBT |
| Micro Bitcoin futures against NY close | MYB | MYBA <Curncy> | MYB | MYB | |||
| Ether futures against London close | ETB | DCSA <Curncy> | ETB | EBT | 0.05 | 5 | ETH |
| Ether futures against New York close | ENB | FNBA <Curncy> | ENB | ENB | |||
| Micro Ether futures against London close | EMB | MBWA <Curncy> | MRB | BRM | 0.1 | 100 | MET |
| Micro Ether futures against NY close | EYB | FYBA <Curncy> | EYB | EYB | |||
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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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