CME Group, one of many world’s largest derivatives exchanges, has introduced a brand new index futures product for the crypto market.
The corporate introduced that it’ll launch a Nasdaq CME Crypto Index futures product on June 8, topic to regulatory approval.
The brand new product will likely be CME Group’s first market capitalization weighted futures contract. Out there in each micro and normal sizes, traders could have entry to the broadest cryptocurrency market by way of a single monetary settlement futures contract. At present, the index contains Bitcoin, Ethereum, Solana, XRP, Cardano, Chainlink, and Stellar.
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Giovanni Vichoso, world head of crypto merchandise at CME Group, mentioned the brand new product offers traders with entry to the crypto market in a regulated and cost-effective method. Bicioso famous that demand for the corporate’s crypto futures merchandise continues to develop, with common each day buying and selling quantity rising 43% for the reason that starting of the 12 months.
Sean Wasserman, head of index product administration at Nasdaq, mentioned traders now want dependable metrics that replicate broader market efficiency, not simply particular person cryptocurrencies. Wasserman argued that the Nasdaq CME Crypto Index was developed to handle this want, and that index-based futures buying and selling is a pure step in market growth.
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