CME Group’s EBS is set to make its first foray into the cryptocurrency market with the launch of a bitcoin non-deliverable forward (NDF) in the coming months, according to four sources familiar with the matter.
EBS, which runs one of the two main interdealer spot and NDF foreign exchange trading venues, is preparing to launch its crypto NDF in the second quarter, says one electronic FX trading source. Another eFX executive says conversations with EBS about a crypto NDF have been ongoing with liquidity providers since 2021.
No details of the product’s specifications have been shared, but it could use CME’s CF cryptocurrency reference rates as the benchmark…
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