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CME to Stick With Bitcoin Before Spreading the Field

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CME to Stick With Bitcoin Before Spreading the Field

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CME, the world’s largest exchange operator, says that it is in no rush to list more cryptocurrencies to Bitcoin futures trading at this time.

CME Group is the world’s leading and most diverse derivatives marketplace, handling 3 billion contracts worth approximately USD 1 quadrillion annually. The financial giant, which is also the owner of the Dow Jones stock and financial indexes, began offering Bitcoin futures back in December of last year, following CBoE Global Markets Inc similar move.

The group’s CEO, Terry Duffy, says that so far he hasn’t seen huge flows of business, but is happy to take a “wait and see approach”. Competitor CBoE has been trading 5,881 contracts a day in 2018 to CME’s average of 3,063 according to Bloomberg, although the daily average works out to double that of CBoE at 15,317.

Duffy said that in his 40 years in trading that adding Bitcoin futures was a massive step, describing it as possibly the most controversial launch of any product by the company to date. Consequently, the company currently has no plans for any other products in the near future, commenting, “This is going to take some time one way or another and we’ll do it the right way.”

Duffy said he doesn’t want derivatives novices to trade the futures contract “because it is highly volatile and new”. Bitcoin futures now is a minute portion of CME’s business compared to their average daily volume total of 18.4 million contracts in the second quarter of 2018.

CBoE itself has expressed that it would consider opening its doors to other cryptocurrencies in the future and has become a keen player. Its president Chris Concannon expressed a view earlier this year that digital currencies were “here to stay” and that the New York-based exchange had the vision to open a “crypto complex”.

Bitcoin futures trading is fast becoming the next big thing on Wall Street as the introduction of derivatives is increasingly taken on board by major players.


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