Derivatives market Chicago Mercantile Exchange Group (CME Group) has announced the launch of options trading for its Ether (ETH) futures products Monday — the same week as the expected Ethereum merger.
Launch of new futures contract ‘well-timed’, CME Group global head of equity and FX products Tim McCourt he said in the statement. He said:
“As market participants anticipate the upcoming Ethereum Merge, a potentially game-changing update to one of the largest cryptocurrency networks, interest in Ether derivatives is surging.”
CME Group, the world’s leading derivatives market, announced his intention to launch futures options on August 18. These contracts will deliver one Ether futures for 50 Ether per contract, based on the Ether price reference rate in US dollars updated daily.
The new contracts combine a number of existing CME Group products. Group launched the first bitcoin futures contract in December 2017. His bitcoins (BTC) and ETH derivative contracts recorded record interest in the second quarter of this year despite the crypto winter.
Just-In: CME Clears Regulatory Hurdle, Launches Ether (ETH) Options Ahead of Merger
The world’s leading derivatives market CME Group said on Monday that it has launched ethereum (ETH) futures options. pic.twitter.com/Ul4GTZ39ao
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CME Group introduced a BTC options trading product in January 2020. CME launched micro ether futures contracts in December 2021 and in March 2022 launched options contracts on its existing micro BTC and ETH futures at 10% of the token size. It also offers in euros BTC and ETH futures.
Ethereum developers confirmed that the Ethereum blockchain is ready for “The Merge”, during which it will switch from a Proof-of-Work mechanism to a Proof-of-Stake consensus mechanism. The merger is expected to take place on September 15.
At the time of writing, ETH is trading at $1,715, down 3.23% in 24 hours and down 11.14% over the past month. Anticipation of The Merge and the release of August US Consumer Price Index (CPI) data on September 15 could lead to more price volatility.