Basis Trade at Index Close (BTIC) Transactions

Basis Trade at Index Close (BTIC) and new BTIC+

Capture the certainty of the close.

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).

View In

English
简体中文
繁體中文
日本語
한국어

Resources

How it Works

  • BTIC and BTIC+ transactions provide the bridge between the cash index close 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 cash index
    • BTIC transactions occur within the single trading session immediately preceding the next available closing index auction
    • BTIC+ allows market participants to trade futures at a basis to the index close days in advance on a T-plus basis
  • Once the closing cash index level is determined, the futures trade occurs at the closing index level plus the agreed upon basis

About BTIC and BTIC+

Understanding BTIC

Current Time 0:00
Duration -:-
Loaded: 0%
Stream Type LIVE
Remaining Time 0:00
 
1x

Introduction to BTIC+ & TACO+

Current Time 0:00
Duration 6:29
Loaded: 0%
Stream Type LIVE
Remaining Time 6:29
 
1x

BTIC+ Trading Examples

Current Time 0:00
Duration 5:41
Loaded: 0%
Stream Type LIVE
Remaining Time 5:41
 
1x

Product Applications

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), as well as the London and APAC reference rates (BRR and BRRAP), for more efficient cash and risk management.

View the FAQ

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.

Getting Started

    • 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.

Contact Us

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

company
international
MARKET REGULATION
OUR EXCHANGES

CME Group is the world’s leading derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). 
Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

© 2025 CME Group Inc. All rights reserved.