Key Points:
CME group has announced the launch of Ether/Bitcoin Ratio (EBR) futures contract. This new contract will allow market participants to efficiently execute a relative value trade between Ether futures and Bitcoin futures contracts in a single trade. The EBR futures contract will enable investors to access cryptocurrency exposure without the need to take a directional view.
The CME Globex ticker for the new futures contract is EBR, where the ratio is defined as Ether futures price divided by the Bitcoin futures price. The ratio will be calculated using the same expiration month for the underlying Ether and Bitcoin futures contract. The ratio will always be positive and will be available across all listed contract months. The notional value of the contract is found by multiplying the ratio by $1,000,000.
Ether/Bitcoin Ratio futures allow traders to efficiently express a view on the relative value of the two cryptocurrencies without a directional bias on the overall cryptocurrency market. This feature makes the EBR futures contract a promising tool for hedging and risk management purposes in the cryptocurrency market.
The EBR Final Settlement price is found by dividing the Ether futures Final Settlement Price by the Bitcoin futures Final Settlement Price. This feature ensures the settlement of the futures contract at a fair value.
| CONTRACT SIZE | $1,000,000 |
|---|---|
| CONTRACT UNIT OF MEASURE | Ether futures Final Settlement Price ÷ Bitcoin futures Final Settlement Price * $1,000,000 |
| PRICE QUOTATION | U.S. dollars and cents |
| TRADING HOURS AND VENUE | CME Globex: Friday – Sunday, 6:00 p.m. – 5:00 p.m. Eastern time (ET) |
| CME Globex: Sunday – Friday 5:00 p.m. – 4:00 p.m Central time (CT) with a 60-minute break each day beginning at 4:00 p.m. CT CME Clearport: Sunday 5:00 p.m. – Friday 5:45 p.m. CT with no reporting Monday – Thursday from 5:45 p.m. – 6:00 p.m. CT | |
| MINIMUM PRICE FLUCTUATION | Outrights: 0.000005 index points = $5.00 per contract |
| PRODUCT CODE | CME Globex: EBR |
| CME ClearPort: EBR | |
| Clearing: EBR | |
| LISTING CYCLE | Monthly contracts listed for six consecutive months, quarterly contracts (Mar, Jun, Sep, Dec) listed for four additional quarters and a second Dec contract if only one is listed. |
| FINAL SETTLEMENT | Financially settled |
| TERMINATION OF TRADING | Trading terminates at 4:00 p.m. London time on the last Friday of the contract month. |
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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