CME Group's Bitcoin Friday Futures Will Launch on September 30
Key Points:
Read more: Nasdaq Bitcoin Index Options Seeks SEC Approval to Launch
The new product, named Bitcoin Friday futures (BFF), is to debut on Sept. 30, subject to regulatory approvals.
That will greatly reduce the entry barrier, given that the new operations will offer products with a price value of one-fiftieth of a Bitcoin. The BFF contracts will be cash-settled based on the CME CF Bitcoin Reference Rate New York Variant (BRRNY), with settlements occurring at 4:00 p.m. New York time every Friday.
Bitcoin Friday futures will be listed every Thursday at 6 p.m. New York time, investors can trade on the two nearest Fridays. The weekly expiry is meant to better align the futures contracts with the price of Bitcoin, which fluctuates widely around the clock.
The purpose of putting in place the Bitcoin Friday futures is such that retail investments can now access a much more friendly and cost-saving way to embrace Bitcoin futures that will not see the weekend price impacts drag them.
The BFF is such that it’s going to give investors a very efficient, dynamic, and productive investment regime that both the experienced and the new investors can find useful. Bitcoin is currently trading at $62,000.
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