See More

CME Group Q2 Profits Up 1.4%, Bitcoin Micro Futures Popular

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • CME Group announces financial report for the Q2 2021.
  • It reports a revenue of $1.2 billion.
  • Average daily volumes grew by 5% during the quarter.
  • promo

The Chicago Mercantile Exchange Group (CME) has published its quarterly report for Q2 2021, and it shows a small jump in profit, led by innovative products like bitcoin micro futures.

The Chicago Mercantile Exchange Group (CME) group published its financial report for the second quarter of 2021, and the numbers show small profit growth. It reported a revenue of $1.2 billion and an average daily volume growth of 5% during the quarter. The net income during this period was $589 million.

CME Group Chairman and Chief Executive Officer Terrence A. Duffy put some of this performance down to the release of new products. He also confirmed that more such product innovation would be released to support clients’ “evolving trading needs.”

The CME offers bitcoin derivatives in the form of futures and options. One of its more popular innovative products is its micro futures, which lets investors trade a “slice” of the futures and options market.

These micro futures are also available for bitcoin derivatives products. They offer contracts one-tenth the size of one bitcoin, which makes it easier for investors to get started with investing.

For July 2021, there was a total volume of 20,217 for this product. CME also said that more than 100,000 micro-bitcoin futures contracts were traded in the first five days after launch. Chief Financial Officer John William Pietrowicz celebrated the innovative products, saying,

“We have built $100 million a year business so far that didn’t exist just a couple of years ago with our micro product.”

CME bitcoin products doing well

The overall performance of CME’s bitcoin products is quite good, despite reports of falling volume in late April 2021. The strong performance in the early part of the year was accompanied by the launch of Ethereum futures contracts, which also received a positive reception upon

In February 2021, the bitcoin futures contracts saw a record $5 billion in daily volume, and it presaged the bullish sentiment on the asset. The futures market can be a somewhat inaccurate indicator of bitcoin’s near-term prospects, but long-term prospects are often better represented.

CME will continue to launch new products, as stated by its officials. The cryptocurrency market continues to attract more interest from both retail and institutional players, so any new products will likely get attention, if not a large influx of funds.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Rahul-Nambiampurath.jpg
Rahul Nambiampurath
Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance from Sikkim Manipal University, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has helped DeFi platforms like Balancer and Sidus Heroes — a web3 metaverse — as well as CEXs like Bitso (Mexico's biggest) and Overbit to reach new heights with his...
READ FULL BIO
Sponsored
Sponsored