ED&F Man Capital Markets Inc. Clears the First BTC/EUR and ETH/EUR Futures Block Trades

Published on August 31, 2022 GMT
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ED&F Man Capital Markets Inc. Clears the First BTC/EUR and ETH/EUR Futures Block Trades

New York, August 31, 2022 – ED&F Man Capital Markets Inc., a part of the global brokerage group operating at the heart of the financial services ecosystem, announces that it assisted its customers and the CME in completing the first CME BTC/EUR and ETH/EUR futures block trades on market open, Sunday August 28th.

The regulated crypto derivatives markets continue to evolve rapidly and, with products such as these new Euro-denominated BTC and ETH futures, investors, traders, risk managers and others have expanded capacity to take on and manage crypto market exposures. The launch of these new CFTC regulated futures contracts is another positive signal that the crypto currency markets are gaining institutional acceptance.

CME’s BTC/EUR and ETH/EUR futures are cash settled and traded electronically on Globex and OTC (blocks and EFPs) through CME Clearport. As trades happen on a regulated exchange, all participants can see the same prices and quotes.

Brooks Dudley, Global Head of Digital Assets at ED&F Man Capital Markets, said: “ED&F Man Capital Markets continues to embrace additional regulated Bitcoin and Ethereum futures contracts. These new CME Euro-denominated BTC and ETH derivatives are an integral step forwards in cross currency risk management for this asset class.”

Paul Eisma, Head of Trading Solutions and Strategy, XBTO Group noted: “XBTO supports the institutional growth of regulated crypto derivatives. CME’s Euro denominated BTC and ETH futures contract completes the synthetic cryptocurrency triangle: the dollar pairs–BTC/USD, EUR/USD versus the cross–BTC/EUR (ETH/USD, EUR/USD, ETH/EUR). For crypto eurozone institutional investors, the synthetic triangle creates multiple, cleaner trading and hedging strategies, lowers trading spread costs, and allows interesting opportunities trading interest rate differentials.”

Jason Urban, Managing Director and Global Co-Head of Trading at Galaxy, added: “Euro-denominated bitcoin and ether futures are an integral step in the development of a thriving marketplace for institutions that want crypto exposure in a regulated environment. We’re proud to play a leading role in developing Europe’s crypto market and are fully committed to bringing more institutions from around the world into this developing asset class.”

Edmond Goh, B2C2’s Head of Trading, said: “B2C2 always aims to address the unique and evolving needs of our clients. The listing of CME EUR denominated pairs exemplifies the expanding options for institutions to trade crypto and is a further example of B2C2 supporting the growth of the trading ecosystem.”