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CME Group Bitcoin Futures
CME Group will launch Bitcoin futures, based on the CME CF Bitcoin Reference Rate (BRR), in Q4 2017, building off of the success of the BRR and demand for a regulated trading venue for the digital asset market.
|Contract Unit||5 bitcoin, as defined by the CME CF Bitcoin Reference Rate (BRR)|
|Minimum Price Fluctuation||Outright: $5.00 per bitcoin = $25.00 per contract|
Calendar Spread and Basis Trade at Index Close (BTIC): $1.00 per bitcoin = $5.00 per contract
|Trading Hours||CME Globex and CME ClearPort: 5:00 p.m. – 4:00 p.m. CT Sunday – Friday|
BTIC: 5:00 p.m. – 10:00 a.m. or 11:00 a.m. CT (4:00 p.m. London Time) Sunday – Friday
|Product Code||Outright: BTC|
|Listing Cycle||Nearest 2 months in the March Quarterly cycle (Mar, Jun, Sep, Dec) plus the nearest 2 “serial” months not in the March Quarterly cycle.|
Contract months for initial listing: Dec 2017, Jan 2018, Feb 2018, Mar 2018.
|Termination of Trading||Last Day of Trading is the last Friday of contract month.|
Trading in expiring futures terminates at 4:00 p.m. London time on Last Day of Trading.
|Position Limits||Spot Position Limits are set at 1,000 contracts. 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.|
|Block Minimum||5 contracts|
|Price Limits||Price limits for a given Business Day are made by reference to the most recent Bitcoin Futures settlement price, settled at 4:00 p.m. London time each Business Day.|
Special price fluctuation limits equal to 7% above and below prior settlement price and 13% above and below prior settlement price and a price limit of 20% above or below the previous settlement price. Trading will not be permitted outside the 20% above and below prior settlement price.
|Settlement||Cash settled by reference to Final Settlement Price, equal to the CME CF Bitcoin Reference Rate (BRR) on Last Day of Trading.|
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. DAW Trading (“DAW”) uses various outside sources for research material regarding futures and options on futures trading therefore the views and opinions expressed in this letter may not necessarily reflect the view of DAW or its staff. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to DAW.