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
New: BTIC on Bitcoin Friday futures (BFF)
Trade Bitcoin Friday futures (BFF) with greater flexibility using Basic Trade at Index Close BTIC). Efficiently execute a basis trade relative to the reference price of the CME CF Bitcoin Reference Rate NY Variant (BRRNY) for more efficient cash and risk management.
| 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 (100 during non-U.S. hours) | ES |
| E-mini NASDAQ-100 | NQT | QNTA Index | NQT | 1NQTc1 | 0.05 | 500 (100 during non-U.S. hours) | 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 | 0.025 | N/A | TPY |
**Non-U.S. trading hours are between 4pm-7am CT Monday-Friday on regular business days and at any time on the weekends.
| 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 |
| 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 | |||
| Bitcoin futures against APAC close | ABB | ABCA <Curncy> | ABB | BAO | |||
| Micro Bitcoin futures against London close | MIB | BMYA <Curncy> | MIB | MBI | 1 | 10 | MBT |
| Micro Bitcoin futures against New York close | MYB | MYBA <Curncy> | MYB | MYB | |||
| Micro Bitcoin futures against APAC close | AMB | AEPA <Curncy> | AMB | BAU | |||
| 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 | |||
| Ether futures against APAC close | ATB | AQTA <Curncy> | ATB | TBZ | |||
| Micro Ether futures against London close | EMB | MBWA <Curncy> | MRB | BRM | 0.1 | 100 | MET |
| Micro Ether futures against New York close | EYB | FYBA <Curncy> | EYB | EYB | |||
| Micro Ether futures against APAC close | AHB | AHB - AHIA <Curncy> | AHB | BHZ | |||
| Bitcoin Friday futures against NY close | BFB | - | BFBD+[dd] such as BFBD18V24 | - | 1 | 25 | BFF |
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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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