The Chicago Mercantile Exchange & Chicago Board of Trade otherwise known as CME Group announced its bitcoin futures specs this week. Alongside this, the Chairman Emeritus of CME Group, Leo Melamed, told press bitcoin is set to become a new asset class.
CME Group Reveals Specs for Bitcoin Futures Contracts
Last week news.Bitcoin.com reported on the world’s largest options and futures exchange CME Group launching its bitcoin-based futures before the end of the year. Now the company has released the BTC futures specs giving more details to how the fund will be traded. Contract specifications include a contract unit of five bitcoin defined by the CME CF Bitcoin Reference Rate (BRR). Product codes will be called “BTC BTIC: BTB” and trade alongside other options during the CME Globex and CME ClearPort trading hours.
“Trading in expiring futures terminates at 4:00 p.m. London time on last day of trading. Position limits and spot position limits are set at 1,000 contracts,” explains CME’s bitcoin futures specs. “A position accountability level of 5,000 contracts will be applied to positions in single months outside the spot month and in all months combined — The reportable level will be 25 contracts.”
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