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Managing director Tim McCourt says CMEâs Bitcoinâs options launch was a success, hitting multiple targets on day one.
The Chicago Mercantile Exchange (CME) is happy with the results of its Bitcoin options trading product launch on Jan. 13, according to CME Groupâs managing director and global head of equity index alternative investment products Tim McCourt.Â
First days of new options offering a success
âWeâre very pleased with how day one went,â McCourt told Cointelegraph in a Jan. 14 interview. âWeâve had positive feedback from customers on day one,â he pointed out, also noting success and progress on day two. Â
âYesterday, we did a total of 55 options contracts, worth 275 Bitcoin,â the managing director said. âEach option is on one future, and one future is worth five Bitcoin at CME, so a little over $2 million in terms of notional value, which is great to see,â he added.Â
As of the 2:40 EST interview, CME's Bitcoin options had already posted 15 contracts on Globex, CME's "electronic trading system," McCourt said.
As planned
In fall 2019, the Chicago-based exchange announced its plans to launch a Bitcoin options trading product early in 2020, based on CMEâs underlying Bitcoin futures trading product.Â
After receiving the green light from regulators, CME launched its Bitcoin options trading product on Jan. 13, 2020, Cointelegraph reported yesterday.Â
McCourt expressed excitement at seeing a successful first outing for the new product in response to his teamâs work, as well as customer involvement.Â
McCourt added that CME hit its desired launch targets relating to âhaving volume, having block trades, having markets develop throughout the day,â as well as having âthose markets be reasonably tight in terms of discovering a price that keeps in line with the futures throughout the day.âÂ
Years in the making
CMEâs Bitcoin options product has been a long time coming.
âItâs something weâve been talking about with our customers since the launch of Bitcoin futures,â McCourt said.Â
At the height of cryptoâs largest bull market in December 2017, CME launched its cash-settled Bitcoin futures trading product as one of the mainstream financial worldâs first major entries into crypto exposure.
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