The CME (Chicago Mercantile Exchange) Group, the major US derivatives marketplace, has just expanded its crypto offering. The Group’s new addition now includes a brand new, micro Ether futures product.
According to the announcement posted yesterday, December 6th, the CME Group launched a micro Ether futures contract that is sized at 0.1 ETH only. The product will provide institutional as well as retail traders with a new opportunity to gain exposure to digital currencies, specifically the second-largest asset in the entire crypto industry.
The cash-settled micro Ether derivatives offering is trading under METZ1, and with its addition, the Group now has five products — micro ETH futures, micro Bitcoin futures, Bitcoin futures, Ether futures, and options on Bitcoin futures.
The new offering will bring great benefits to investors
CME Group announced the new product on Twitter as well, notifying its followers that the contracts are officially available for trading and that they offer major crypto possibilities.
Meanwhile, CME Group’s global head of alternative investment products, Tim McCourt, stated that the offering would allow investors to execute ETH-involving trading strategies more nimbly, or hedge their spot Ether price risk. The product will bring similar benefits as other available products.
One of the Group’s liquid providers, Genesis Global Trading, stated that it already executed a contract for the micro Ether futures product and that it did it in partnership with XBTO — a known crypto investment firm.
Genesis’ head of derivatives, Joshua Lim, said that the Micro ETH futures contract will fill the need for more precise delta hedging and greater flexibility.
The announcement came right after the crypto market suffered a significant price drop over the weekend. However, with the start of the new week, the market started seeing a significant recovery. In the 24 hours following the announcement of the new product, Ethereum’s own price recovered by 11.18%. The coin’s price, currently at $4,411, is still around 2.26% down on a weekly basis, but the price is rapidly improving.
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