Basis Trade at Index Close (BTIC)

Capture the certainty of the close.

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.

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Basis Trade at Index Close (BTIC) on Major Indices

Index Futures Product	Ticker Symbol				Minimum Tick Increment	BTIC Block Trade Threshold	Clears into Underlying Product
Index Futures Product	CME	Bloomberg	CQG	Thomson Reuters	Minimum Tick Increment	BTIC Block Trade Threshold	Clears into Underlying Product
Bloomberg Commodity Index	AWT	BIIA Index	ERT	1AWBc1	0.01	50	70
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	1.00	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
TOPIX	TPB	TPTA Index	TPB	TPBc1	0.10	N/A	TPY

How it Works

BTIC transactions provide the bridge between the cash index close and the futures market.
At any point during the trading session, a buyer and seller agree to a “basis,” which represents the spread between the futures and the cash index.
Once the closing cash index level is determined, the futures trade occurs at the closing index level plus the agreed upon basis.
BTIC allows investors to trade futures prices that are directly derived from the official cash index close without slippage risk.

Product Applications

Benchmark trading against the close
Index rebalancing and reinvestment (adds/deletes)
Option expiration delta trading
Balance sheet management
Hedging of OTC swaps and options
Cash equitization

Getting Started

- Read more
- BTIC Overview
- View reporting details, a trade example and key information including tickers, tick increment, and BTIC Block thresholds.

- Read more
- 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

- Read more
- 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.

- Read more
- 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.

- Read more
- Block Trade and BTIC Liquidity Providers
- Want to trade BTIC? View a list of firms who can help facilitate trades.

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CME Group is the world's leading and most diverse 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.