Genesis traded Bitcoin futures for the first time on the market. This tool aims to expand access to CME tools for institutional investors.
At Genesis Global Capital, a cryptocurrency brokerage company,
completed the dealy using the BTIC CME Bitcoin Futures Agreement.
BTIC (Basis Trade at Index Close) implies an agreement between the seller and the buyer of a futures contract on a spread that will be added to the “closing price” to determine the value of the futures. The deal was partnered with Akuna Capital, a leading options maker specializing in derivatives market creation and sophisticated modeling. This is the first time that BTIC has been used in the cryptocurrency market and not in the stock market. Experts believe this will help meet the growing demand for the product.
Tim McCourt, head of stock quotes and alternative investment products at CME Group, believes the deal is the next step in expanding access to CME’s tools.
“BTIC allows market participants to trade more efficiently. This agreement will help create a regulated pricing marketplace. And for institutional participants – to trade with greater precision, ”he said.
CME planned to launch microbitcoin futures in May. The proposal was designed to allow institutional traders to hedge risks. By the end of June, sales exceeded 1 million contracts.
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