The Chicago Mercantile Exchange launched its much-awaited Micro Ether (ETH) futures (MET) contract today. The MET contract is sized at 1/10 of one Ether and offers an efficient and cost-effective way to gain exposure to the second-largest cryptocurrency. Tim McCourt, CME Group Global Head of Equity Index and Alternative Investment Products called it a major move.
“The launch of Micro Ether futures underscores the significant growth and liquidity we have seen in our cryptocurrency futures and options. Sized at one-tenth of one Ether, Micro Ether futures will provide an efficient, cost-effective way for a range of market participants – from institutions to sophisticated, active, individual traders – to hedge their spot Ether price risk or more nimbly execute Ether trading strategies, all while retaining the features and benefits of CME Group’s larger-sized Ether futures.”
This would mark the second micro-crypto derivatives offering from the popular exchange platform, the first came in the form of Micro Bitcoin Futures in May this year. CME Micro Ether futures will be cash-settled and are based on the CME CF Ether-Dollar Reference Rate, which acts as a daily reference rate for the price of ETH in US dollars. Steve Sanders, Executive Vice President of Marketing and Product Development at Interactive Brokers said,
“The range of futures products that CME Group offers enable our active trader and institutional investor clients to take advantage of trading opportunities while minimizing price risk across markets. As investor demand for digital assets continues to grow, we are pleased to now offer our clients access to Micro Ether futures as a cost-effective, efficient and transparent way to access cryptocurrency and manage Ether exposure.”
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CME Continues to Rule the Crypto Derivatives Market in the US
CME Group was the first to launch a regulatory approved Bitcoin Futures product for institutional investors. It offered a way for investors to gain crypto exposure safely despite uncertainty around regulations. The popularity of institutional products has led to the creation of two micro crypto products that seeks to offer exposure to retail traders as well.
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