CME Group Publishes Contract Specifications for Bitcoin Futures

CME Group has published its contract specification for Bitcoin futures. Below are the details, along with the link to the original article.

Contract Specifications

Contract Unit 5 bitcoin, as defined by the CME CF Bitcoin Reference Rate (BRR)
Minimum Price Fluctuation Outright: $5.00 per bitcoin = $25.00 per contract

Calendar Spread: $1.00 per bitcoin = $5.00 per contract

Trading Hours CME Globex and CME ClearPort: 5:00 p.m. – 4:00 p.m. CT Sunday – Friday
Product Code Outright: BTC
Listing Cycle Nearest 2 months in the March Quarterly cycle (Mar, Jun, Sep, Dec) plus the nearest 2 “serial” months not in the March Quarterly cycle.
Termination of Trading Last Day of Trading is the last Friday of contract month.

Trading in expiring futures terminates at 4:00 p.m. London time on Last Day of Trading.

Position Limits Spot Position Limits are set at 1,000 contracts. A position accountability level of 5,000 contracts will be applied to positions in single months outside the spot month and in all months combined.
Block Minimum 5 contracts
Price Limits Price limits for a given Business Day are calculated in relation to a reference price, which generally will be set at the most recent Bitcoin Futures settlement price, calculated at 4:00 p.m. London time each Business Day. The reference price may be adjusted at the sole discretion of the Exchange to incorporate BRR changes on non-trading days. A price limit of 20% above or below the reference price and special price fluctuation limits equal to 7% above or below the reference price and 13% above or below the reference price apply. Trading will not be permitted outside of the 20% range above or below the reference price.
Settlement Cash settled by reference to Final Settlement Price, equal to the CME CF Bitcoin Reference Rate (BRR) on Last Day of Trading.

Pending regulatory review and certification

Source: CME Group

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