BGC Claims Asian First for CME Bitcoin Block

BGC Group’s GFI Securities says it it has arranged the first ever intermediated block trade of CME Group Bitcoin options contracts in Asia between Cumberland DRW and Goldman Sachs.

BGC has been active in multiple segments of the digital marketplace from the first quarter of this year and says it has successfully arranging transactions in options on multiple listed ETFs, and other transactions in options on CME Group Bitcoin futures, and options on CME Group Micro Bitcoin futures. On April 7, 2022, it revealed the first ever block trade of Micro Bitcoin options offered by CME Group.

In anticipation of an active OTC wholesale cryptocurrency marketplace, BGC says it is establishing electronic platforms and voice/hybrid listed brokerage desks in major financial centres to facilitate the expected growth in this sector.

“This transaction marks BGC’s continued commitment to expanding our cryptocurrency offering and to working with our global counterparties in developing this rapidly evolving asset class,” says Brad Howell, CEO Asia Pacific (ex-China).

Paul Kremsky, global head of business development for Cumberland, adds, “Since Cumberland DRW first established an OTC cryptocurrency desk in 2014, the goal has always been to help usher institutions into the digital assets space. BGC will be a key partner in opening the growing asset class to a broader group of banks, funds, and investors, and Cumberland is extremely excited to work with them as a liquidity provider.”