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CME Group launches micro-ether futures

 


The Chicago Mercantile Exchange Group has expanded its crypto offering and now also offers a micro-ether futures product.


On Monday, the CME Group announced that it had a micro-ether ( ETH futures contract) in size from 0.1 ETH brought to market . This gives institutional and private traders another product through which they can invest in ether. The micro-ETH derivative with cash settlement is traded under the Globex code METZ1 and is now also one of the crypto derivatives on the exchange, including micro-bitcoin ( BTC ) futures, bitcoin futures, options on bitcoin futures and ether -Futures are.


Tim McCourt, the global head of alternative investment products at CME Group, said the offer will enable residents to "hedge their Ether spot price risk or implement Ether trading strategies more quickly". Genesis Global Trading, one of the liquidity providers for CME Group's crypto derivatives, said it has already signed a contract for the micro-ETH futures product in partnership with crypto investment firm XBTO.


"The Micro Ether Futures contract addresses the need for greater flexibility and more precise delta hedging," said Joshua Lim, director of derivatives at Genesis.



Shortly before the announcement, the ETH rate and many other crypto currencies, including Bitcoin, fell significantly over the weekend. According to data from Cointelegraph Markets Pro , the ETH price has fallen more than 15 percent since its all-time high of $ 4,785 on November 8. At press time, the second largest cryptocurrency by market capitalization is $ 4,016, down over 13 percent in the past seven days.



The CME Group first launched a Bitcoin futures contract in December 2017. The exchange's micro-bitcoin futures hit the market in May, and the company reported Thursday that over 3.3 million contracts had been traded.

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