CHICAGO, Feb. 25 (Xinhua) -- CME Group, the world's leading derivatives marketplace, announced Tuesday that its new financially settled options on Bitcoin Friday futures are now available for trading.
The first trade, a block, took place on Sunday (Feb. 23), and was executed between Cumberland DRW and Galaxy and cleared by Marex.
Financially settled options on Bitcoin Friday futures will complement CME Group's existing suite of physically-settled options on Bitcoin, Ether, Micro Bitcoin and Micro Ether futures, providing additional risk management flexibility to investors, said CME Group in a news release on Tuesday.
"These smaller sized, cash-settled contracts, with expiries available every day of the business week, will provide traders with even greater precision to manage short-term bitcoin price risk," said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group.
"CME Group's introduction of options on Bitcoin Friday futures is a valuable expansion of their product suite," said Mike Harvey, Head of Franchise Trading at Galaxy.
"The contracts' low notional value makes them accessible to a broad range of market participants, while the 4 p.m. New York settlement time offers added precision for developing and executing trading strategies," Harvey said.
