Chapter 348
Micro Bitcoin Futures
34800.

SCOPE OF CHAPTER
This chapter is limited in application to Micro Bitcoin Futures. In addition to this chapter, futures
shall be subject to the general rules and regulations of the Exchange as applicable.

34801.

CONTRACT SPECIFICATIONSEach futures contract shall be valued at 0.10 bitcoin as defined by the CME CF Bitcoin
Reference Rate (“BRR”).

34802.

TRADING SPECIFICATIONS
34802.A.
Trading Schedule
Futures contracts shall be scheduled for trading during such hours and for delivery in suchmonths as may be determined by the Exchange.
34802.B.
Trading Unit
The unit of trading shall be 0.10 bitcoin.
34802.C.
Price Increments
The minimum price increment shall be 5.00 index points, equal to $0.50 per contract, except forintermonth spreads executed pursuant to Rule 542.A., for which the minimum price increment
shall be 1.00 index points, equal to $0.10 per intermonth spread.
34802.D. Position Limits, Exemptions, Position Accountability and Reportable Levels
The applicable position limits and/or accountability levels, in addition to the reportable levels, areset forth in the Position Limit, Position Accountability and Reportable Level Table in theInterpretations & Special Notices Section of Chapter 5.
A Person seeking an exemption from position limits for bona fide commercial purposes shallapply to the Market Regulation Department on forms provided by the Exchange, and the MarketRegulation Department may grant qualified exemptions in its sole discretion.
Refer to Rule 559 for requirements concerning the aggregation of positions and allowable
exemptions from the specified position limits.
34802.E. Price Limits and Trading HaltsAt the commencement of each Trading Day, the contract shall be subject to special pricefluctuation limits and daily price limits as set forth in Rule 589 and in the Special Price
Fluctuation Limits and Daily Price Limits Table in the Interpretations & Special Notices Section ofChapter 5.
34802.F. Termination of Trading

34803.

Trading in expiring futures shall terminate at 4 p.m. London time on the last Friday of thecontract month if that day is a business day in either the UK or the US. If that day is nota business day in both the UK and the US, trading shall terminate on the preceding day
that is a business day in either the UK or the US.
SETTLEMENT PROCEDURES
Delivery shall be by cash settlement.
34803.A.
Final Settlement Price
For a futures contract for a given delivery month, the Final Settlement Price shall be the BRR
published at 4 p.m. London time on the Last Trade Date (Rule 34802.F.). Revision to the
published BRR shall be received prior to 23:59:59 London Time on the Last Trade Date.
Thereafter, the final settlement futures price shall be deemed final.
In the event that the BRR is not publishable or published on the CME Micro Bitcoin Futures
Termination of Trading day, and therefore, CME cannot determine the CME Micro Bitcoin Final
Settlement Price, then final settlement of the CME Micro Bitcoin futures contract is at thediscretion of the Exchange and may be deferred or postponed for up to 14 consecutive calendardays.
34803.B. Final Settlement© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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Clearing members holding open positions in an expiring futures contract at its termination oftrading (Rule 34802.F.) shall make payment to or receive payment from the Clearing House inaccordance with normal variation margin procedures based on such expiring contract’s Final
Settlement Price (Rule 34803.A.).
In the event of a hard fork, Micro Bitcoin futures shall continue to settle to the BRR
corresponding to the original token pair (BTC:USD). The Exchange may, in its sole discretion,
take alternative action with respect to hard forks in consultation with market participants as may
be appropriate.

34804.
34805.
34806.

RESERVEDRESERVEDBASIS TRADE AT INDEX CLOSE (“BTIC”) TRANSACTIONSAll BTIC transactions must be executed in accordance with the requirements of Rule 524.B.
For the purpose of this section and Rule 524.B., BTIC enables market participants to execute abasis trade relative to the closing level of the Index value.
Closing Index Price atWhich Basis Shall BeDeterminedIndex to Be Referenced

Index Publication TimeLondon Close

CME CF Bitcoin
Reference Rate “BRR”

4:00 p.m. London time

New York Close

CME CF Bitcoin
Reference Rate - New York
Close “BRR NY”

4:00 p.m. New York time

APAC Close

CME CF Bitcoin
Reference Rate – APAC
“BRR AP”

4:00 p.m. Hong
Kong/Singapore time34806.A. Block Trade Requirements
BTIC block trades must be executed in accordance with the requirements of Rule 526.
For a BTIC or BTIC block trade executed prior to the publication of the Index on a given Trading
Day, the corresponding futures price shall be made by reference to the closing Index value for thecurrent Trading Day.
For a BTIC or BTIC block trade executed on a given Trading Day after the publication of theIndex, the corresponding futures price shall be made by reference to the closing Index value forthe next Trading Day.
34806.B. Price Assignment Procedures
The price assignment procedure for BTIC transactions shall follow Rule 524.B.3.
34806.C. Minimum Price Increments
The valid basis or price increment applied to the closing Index value to establish the BTIC futures
price shall be an integer multiple of the contract minimum price increment, $1.00 per bitcoin, equal
to $0.10 per contract.
34806.D. Market Disruption Events
In the event of disruption in the underlying market that precludes a valid Index value calculation,
all pending and executed BTIC transactions in the corresponding futures contract shall becancelled by the Exchange. Such disruption shall be declared by the Exchange in its solediscretion.
(End Chapter 348)

© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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