CME Group, the world’s derivatives marketplace, announced its new XRP futures are now available for trading.
The first trade, a block, took place “on Sunday, May 18,” and was cleared by Hidden Road.
Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group said:
“We are pleased to see such early support for our latest futures contracts, with more than $19 million in notional volume traded the first day. The addition of XRP and Micro XRP futures to our leading, regulated cryptocurrency suite will provide investors with the deeply liquid, capital-efficient tools they need to support their growing cryptocurrency investment and hedging strategies.”
Noel Kimmel, President of Hidden Road and CEO of Hidden Road’s Futures Commission Merchant said:
“We are excited to clear the first block trade in CME Group XRP futures. This is a significant milestone for Hidden Road, and the continued institutional adoption of digital assets – particularly in enhancing liquidity and risk management capabilities around XRP. As one of the largest non-bank prime brokers and FCMs, Hidden Road remains focused on delivering seamless global market access and driving innovation at the intersection of traditional finance and digital assets.”
CME Group XRP futures are available in “a micro-sized (2,500 XRP) and a larger-sized contract (50,000 XRP), and are cash-settled to the CME CF XRP-Dollar Reference Rate, which serves as a once-a-day reference rate of the U.S. dollar price of XRP and is calculated daily at 4:00 p.m. London time.”
As the world’s derivatives marketplace, CME Group enables clients “to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to manage risk and capture opportunities.”
CME Group exchanges reportedly offer “the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals.”
The company offers futures and options on futures trading “through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.”
In addition, it operates one of the world’s “central counterparty clearing providers, CME Clearing.”
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