CME Group Announces First Trades of Options on Bitcoin Friday Futures

Group 1 - CME Group has launched new financially settled options on Bitcoin Friday futures, which are now available for trading [1][2] - The first trade of these options occurred on February 23, executed between Cumberland DRW and Galaxy, and cleared by Marex [1][2] - Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group, highlighted that these smaller sized, cash-settled contracts will enhance traders' ability to manage short-term bitcoin price risk [2] Group 2 - The new options products are designed to provide increased liquidity, flexibility, and optionality for market participants, as stated by Roman Makarov from Cumberland DRW [2] - Marex Capital Markets expressed excitement over clearing the first block trade, emphasizing that these contracts will improve visibility into short-term volatility [2] - Mike Harvey from Galaxy noted that the low notional value of the contracts makes them accessible to a wide range of market participants, with a settlement time of 4 p.m. New York adding precision to trading strategies [2] Group 3 - The new options on Bitcoin Friday futures will complement CME Group's existing offerings, which include physically-settled options on Bitcoin, Ether, Micro Bitcoin, and Micro Ether futures, thereby providing additional risk management flexibility [2]