Capture the certainty of cryptocurrency benchmarks
Trade cryptocurrency basis with the pricing credibility and transparency of regulated CME CF benchmarks. Basis Trade at Index Close (BTIC) enables market participants to execute a basis trade relative to the reference price of the CME CF Reference Rates. BTIC is now available on Bitcoin, Micro Bitcoin, Bitcoin Friday, Ether and Micro Ether futures across the London, New York and APAC variants.
Enjoy greater flexibility to trade Bitcoin Friday futures (BFF) with Basis Trade at Index Close (BTIC) transactions. Efficiently execute a basis trade relative to the reference price of the CME CF Bitcoin Reference Rate NY Variant (BRRNY) as well as London (BRR) and APAC (BRRAP) variants for more efficient cash and risk management.
Tap into the real-time price discovery of the BTIC orderbook of trades submitted against CME CF Reference Rates.
Isolate the basis (spread) between the price of futures and the underlying index so you can better manage risk.
Effectively manage risk around the creation/redemption of net asset value (NAV) print of ETFs.
Easily transfer risk and optimize holdings between cryptocurrency futures and the spot cryptocurrency.
BTIC transactions provide the bridge between the reference price of a benchmark index and the corresponding futures market. How it works for BTIC on Cryptocurrency futures:
Bitcoin futures | Micro Bitcoin futures | Bitcoin Friday Futures | Ether futures | Micro Ether futures | |
---|---|---|---|---|---|
CME Product Codes | Futures: BTC | Futures: MTB | Futures: BFF | Futures: ETH | Futures: MET |
BTIC: BTB | BTIC: MIB | BTIC: BLB | BTIC: ETB | BTIC: EMB | |
Underlying Reference Rate | CME CF Bitcoin Reference Rate (BRR) | ETHUSD_RR | |||
Underlying Contract Size | 5 bitcoin | 0.10 bitcoin | 0.02 bitcoin | 50 ether | 0.10 ether |
Minimum Price Fluctuation | Outright: $5.00 per bitcoin = $25.00 per contract | Outright: $5.00 per bitcoin = $0.50 per contract | Outright: $5.00 per bitcoin = $0.50 per contract | Outright: $0.50 per ether = $25.00 per contract | Outright: $0.50 per ether = $0.05 per contract |
Calendar Spread: $1.00 per bitcoin = $5.00 per contract | Calendar Spread: $1.00 per bitcoin = $0.10 per contract | Calendar Spread: $1.00 per bitcoin = $0.02 per contract | Calendar Spread: $0.05 per ether = $2.50 per contract | Calendar Spread: $0.10 per ether = $0.01 per contract | |
BTIC: $1 per bitcoin | BTIC: $1 per bitcoin | BTIC: $1.00 per bitcoin | BTIC: $0.05 per ether | BTIC: $0.10 per ether | |
Listed Contracts | Monthly contracts listed for 6 consecutive months, quarterly contracts (Mar, Jun, Sep, Dec) listed for 4 additional quarters and a second Dec contract if only one is listed. | Friday contracts listed for 2 consecutive weeks | Monthly contracts listed for 6 consecutive months, quarterly contracts (Mar, Jun, Sep, Dec) listed for 4 additional quarters and a second Dec contract if only one is listed. | ||
Termination of Trading | Futures: Trading terminates at 4:00 p.m. London time on the last Friday of the contract month if that day is a business day in either the UK or the U.S. If that day is not a business day in both the UK and the U.S, trading shall terminate on the preceding day that is a business day in either the UK or the U.S. | Trading terminates at 4:00 p.m. New York time on the last Friday of the contract week. If this is not both a London and U.S. business day, trading terminates on the prior London or the U.S. business day. | Futures: Trading terminates at 4:00 p.m. London time on the last Friday of the contract month if that day is a business day in either the UK or the U.S. If that day is not a business day in both the UK and the U.S, trading shall terminate on the preceding day that is a business day in either the UK or the U.S. | ||
BTIC: For an expiring futures contract, BTIC trading shall terminate at 4:00pm London time on the business day immediately preceding the day of Final Settlement Price determination for such futures contract. For clarity, BTIC transactions in expiring futures contracts may not be initiated on the Last Trade Date in such expiring futures. | Trading terminates at 4:00 p.m. London time on the business day immediately preceding the day of Final Settlement Price determination for such futures contract. For clarity, BTIC transactions in expiring futures contracts may not be initiated on the Last Trade Date in such expiring futures. | BTIC: For an expiring futures contract, BTIC trading shall terminate at 4:00pm London time on the business day immediately preceding the day of Final Settlement Price determination for such futures contract. For clarity, BTIC transactions in expiring futures contracts may not be initiated on the Last Trade Date in such expiring futures. | |||
Block Minimum | Futures: 5 contracts | Futures: 10 contracts | Futures: - | Futures: 5 contracts | Futures: 100 contracts |
BTIC: 5 contracts | BTIC: 10 contracts | BTIC: 25 contracts | BTIC: 5 contracts | BTIC: 100 contracts |
Product Name | CME Globex | Bloomberg | CQG | Refinitiv |
---|---|---|---|---|
BTIC on Bitcoin Futures against London Close | BTB | BTDA <Curncy> | BTB | BTB |
BTIC on Micro Bitcoin Futures against London Close | MIB | BMYA <Curncy> | MIB | MBI |
BTIC on Bitcoin Friday futures against London Close | BLB | N/A | BLBD+[dd] such as BLBD26U25 | TBD |
BTIC on Ether Futures against London Close | ETB | DCSA <Curncy> | ETB | EBT |
BTIC on Micro Ether futures against London Close | EMB | MBWA <Curncy> | MRB | BRM |
Get answers to frequently asked questions about BTIC on cryptocurrency futures
BTIC transactions on Cryptocurrency futures
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Basis Trade at Index Close (BTIC)
View an overview on how BTIC works, product applications, product codes, and other resources on the mechanism.
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