The Chicago Mercantile Exchange (CME) will not be launching altcoin futures anytime soon, Bloomberg has reported, citing the company’s chief executive officer Terry Duffy.
The CME launched Bitcoin futures in December, a week after its Chicago-based rival, Cboe Global Markets, had made a similar move. Both launches were met with a very positive reaction from the market and contributed significantly to Bitcoin record-breaking run during the final month of 2017. But on Thursday Duffy told Bloomberg that in his nearly four decades in trading, Bitcoin futures “might have been the most controversial launch of a product”.
“I will not just put products up there to see where they’re going to go,” he said, reiterating that the company had no immediate plans to launch more crypto contracts. “I will take a wait and see approach with Bitcoin for now.”
Last week CME reported that the daily average volume for its Bitcoin future offering had nearly doubled in the second quarter compared to Q1. Still, the volumes represent just a fraction of CME’s entire business, which saw a total average daily volume of 18.4 million contracts in the second quarter, according to Bloomberg.
“We’re not seeing huge flows regardless and that’s OK,” Duffy said, as quoted by the newswire. “This is going to take some time one way or another and we’ll do it the right way.”
According to data compiled by Bloomberg, CME has seen a daily average of 3,063 BTC contracts so far in 2018, which is less than the 5,881 contracts traded on a daily basis by its main competitor, Cboe. On the other hand, CME’s daily average amounts to 15,317 Bitcoin daily, more than double the amount at Cboe, Bloomberg notes.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.