FX Basis Trade at Index Close (BTIC) and BTIC+
Accurately manage and hedge exposure to the WM/Refinitiv (WMR) benchmark rate in advance of its publication using BTIC functionality on cleared, listed FX futures.
Directly hedge the London FX fix
More precisely capture the 4:00 p.m. London WMR benchmark rate. Gain exposure to today’s rate or the month-end rate, simply and directly.
Access a complementary pool of liquidity
Trade on the firm liquidity of futures in the central limit order book or privately negotiate block trades to execute the trades you need at a single price.
Minimize costs, gain efficiencies
Optimize transaction costs and balance sheet impacts by trading in an anonymous, all-to-all marketplace, with the efficiencies of cleared, netted FX futures.
Trade like standard futures
FX BTIC and BTIC+ trade just like any other futures contract. Speak to your broker or use CME Direct to see pricing. FX BTIC ticker: 6EB and FX BTIC+ ticker: 6EP.
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FAQs on FX BTIC/BTIC+
Find in-depth answers relating to FX BTIC and BTIC+ transactions, including product information, transaction timings and variation margin mechanics.
How FX BTIC and BTIC+ trades work
BTIC and BTIC+ transactions provide the bridge between the published benchmark fixing rate 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 official fixing rate.
BTIC - occurs within the single trading session immediately preceding the next available publication of the fixing rate.
EUR/USD BTIC
CME Ticker
6EB
BTIC+ - allows market participants to trade futures at a basis to the official fixing rate published on the last business day of the current calendar month.
EUR/USD BTIC+
CME Ticker
6EP
Once the fixing rate is published, the futures trade occurs at the closing index level plus the agreed-upon basis. Trades can happen via firm pricing in the central limit order book and also via privately negotiated block transactions.
About FX BTIC and BTIC+
Educational resources
Vendor codes
| CME Group Name/Venues/Symbols | CME Group | Bloomberg | CQG | DTN, Inc | Fidessa (ION) | FIS Global | ION Group | Itiviti | Refinitiv | Trading Technologies | Vela Trading Systems | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CME Group Product Name | Futures/ Options |
Globex | ClearPort | All Venues | All Venues | All Venues | All Venues | All Venues | All Venues | All Venues | Composite | All Venues | All Venues |
| BTIC on EUR/USD Futures | Futures | 6EB | 6EB | IEDA | G6EB | @6EB | 6EB | 6EB | 6EB | 6EB | UROB | 6EB | 6EB |
| Nearby BTIC+ on EUR/USD Futures | Futures | 6EP | 6EP | JEDA | G6EP | @6EP | 6EP | 6EP | 6EP | 6EP | UROP | 6EP | 6EP |
Pricing of FX BTIC and BTIC+ trades
View basis bid, ask, and trade prices based on how they are transacted:
| In the central limit order book | 1/20 of a pip increments (0.000005) Like FX Link (CME Group’s basis spread between FX futures and the OTC FX spot market). |
| Via blocks | 1/100 of a pip increments (0.000001). Block trading parameters will be consistent with EUR/USD futures: minimum quantity of 150 contracts and reporting window of 15 minutes. |
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