CME saw nearly 400 ETH futures contracts traded on first full market day

CME saw nearly 400 ETH futures contracts traded on first full market day
HeadlinesNewsCME saw nearly 400 ETH futures contracts traded on first full market day

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CME saw nearly 400 ETH futures contracts traded on first full market day

The Block2 months ago
Published on February 08, 2021 11:39 GMT+0edited on February 09, 2021 12:00 GMT+0

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CME's ether (ETH) futures product saw 388 contracts traded on its opening day, according to Tim McCourt, CME's Managing Director and Global Head of Equity Products.

That's about 19,400 ETH, or $33 million. "The response to Ether has been overwhelming," said McCourt. 

Monday marked the first full trading day of CME's ether (ETH) futures product, with initial trading having begun at 6:00 PM ET on Sunday.

The derivatives exchange first announced plans to launch ETH futures in mid-December. The contracts — each representing 50 ETH — are cash-settled and based on the CME CF Ether-Dollar Reference Rate — the platform's price discovery mechanism for ETH. There's a minimum block trade of five contracts.

McCourt disclosed the first day's metrics on a forthcoming episode of The Scoop. He …