Genesis, Akuna Capital, in Crypto Block Trade First
Posted by Colin Lambert. Last updated: September 27, 2021
Digital assets firm Genesis Global Capital says it has executed the first ever OTC block trade of a BTIC (Basis Trade at Index Close) transaction on CME Bitcoin futures with Akuna Capital, an options market.
A commonly used equities product, CME has added the ability to trade cryptocurrency basis on index close for the first time. “BTIC fills a hedging need for our counterparties who are benchmarked to the Bitcoin Reference Rate and we are proud to be the first firm to trade this pioneering product,” says Joshua Lim, head of derivatives at Genesis. “Genesis is committed to offering the most innovative products to our trading partners as the market matures.”
Tim McCourt, CME Group global head of equity index and alternative investment products, adds, “This is the first time we’re offering BTIC for our cryptocurrency futures and we’re pleased Genesis is able to support and provide liquidity for BTIC on day one. This is another example of how we’re providing innovative solutions to clients who want to gain exposure to CME Bitcoin and Ether futures. BTIC enables market participants to more efficiently trade the basis while providing a regulated marketplace for real-time price discovery and enhanced trading precision for institutional participants who want to optimise holdings between the futures and spot markets.”