Cboe Successfully Completes Migration of Cboe Digital Exchange Futures to Cboe Futures Exchange
- Consolidation of all U.S. futures products onto one exchange platform improves operational efficiency
- Nearly 24x5 trading availability for FBT and FET futures enhances market accessibility
- Direct clearing relationship with Cboe Clear U.S. positions the company for global clearing expansion
- Migration to Cboe Titanium platform may increase customer access and liquidity
- None.
Insights
Cboe's futures consolidation enhances operational efficiency, expands clearing capabilities, and streamlines digital asset trading infrastructure.
Cboe's migration of Bitcoin (FBT) and Ether (FET) futures from Cboe Digital Exchange to Cboe Futures Exchange (CFE) marks a strategic consolidation of their U.S. futures offerings onto a single technology platform. This operational integration delivers three significant advantages.
First, centralizing all futures products on CFE creates technological synergies through the Cboe Titanium platform, which now powers all of Cboe's global equities, options, and futures markets. This standardization reduces operational complexity and potentially lowers maintenance costs while providing customers with a more seamless trading experience across asset classes.
Second, establishing a direct clearing relationship between CFE and Cboe Clear U.S. positions the company to expand its clearing capabilities beyond just digital assets. This vertical integration strengthens Cboe's market infrastructure stack and potentially captures additional revenue that might otherwise flow to third-party clearinghouses.
Third, this migration enhances product accessibility by placing digital asset futures alongside Cboe's established VIX futures on the same platform. The nearly 24x5 trading availability for these products aligns with the continuous nature of cryptocurrency markets, potentially attracting more diverse market participants to these instruments.
This infrastructure consolidation reinforces Cboe's strategic direction of building a comprehensive multi-asset trading ecosystem while specifically strengthening its position in digital asset derivatives. By leveraging its established technology and clearing capabilities, Cboe is creating a more robust foundation for future product innovation and market expansion.
- Cboe's financially settled bitcoin and ether margin futures, previously listed on Cboe Digital Exchange, now trading on Cboe Futures Exchange (CFE)
- Consolidation of all Cboe's
U.S. futures products onto one exchange, powered by a common technology platform, expected to bring customers greater efficiencies and product choice - Migration also positions Cboe to grow its global clearing capabilities with FBT and FET futures centrally cleared through Cboe Clear
U.S.
Following the launch of Cboe Volatility Index (VIX) futures more than two decades ago, CFE has been a leader in volatility trading and bringing innovative, new products to the exchange-listed, centrally cleared environment. CFE's offerings, which in addition to VIX futures include innovative products based on equity volatility, digital assets and global fixed income, are designed to meet the trading needs of different types of market participants.
The cash-settled FBT and FET futures – which initially launched on Cboe Digital Exchange in January 2024 – are based on the price of the respective Cboe Kaiko Rate Index. The futures will join CFE's recently launched Cboe FTSE Bitcoin Index Futures, which are cash-settled futures based on the FTSE Bitcoin Reduced Value Index (ticker: XBTF). In addition, FBT and FET futures will be available to trade on a nearly 24x5 basis.
FBT and FET futures will continue to be centrally cleared through Cboe Clear
"We are excited to successfully migrate bitcoin and ether futures trading onto CFE, powered by our world-class technology – a platform that our customers know and trust," said Catherine Clay, Global Head of Derivatives at Cboe. "Accessibility is crucial when creating a healthy futures trading ecosystem, and by moving FBT and FET futures to CFE, we expect to open the door for potentially greater customer access and liquidity in these products. CFE established volatility as a tradable asset class, and Cboe continues to build on this legacy by growing our exchange-traded futures ecosystem. Significantly, with the addition of ether futures, our customers can now trade a more diverse range of products on one platform."
Trading on CFE is powered by Cboe TitaniumSM, which powers all of Cboe's global equities, options and futures markets. Cboe Titanium is a unified and globally consistent technology platform, using common protocols and features across its markets and is designed to offer customers an efficient and seamless experience regardless of where they are in the world. It is also a locally optimized platform enabling potential innovation and customization for each market or asset class such as digital asset futures.
"By migrating the bitcoin and ether futures to CFE, powered by Cboe Titanium technology, customers will be able to leverage the state-of-the-art platform that powers Cboe's trading across the globe," said Chris Isaacson, Chief Operating Officer at Cboe. "Cboe Titanium provides immense value to the regulated crypto market as it is built to be resilient, power nearly 24-hour trading and seamlessly handle bouts of volatility. With all of Cboe's equities and derivatives markets successfully migrated onto one common technology platform, we will look to build on our customer-first approach and strive toward expanding market access and innovation, while growing our global clearing capabilities."
Contract specifications and trading symbols for FBT and FET futures remain materially the same following the transfer to CFE. Notably, FBT and FET futures are available to trade nearly 24 hours a day, Monday through Friday, providing investors with extended trading hours to help manage bitcoin and ether exposure. For more information on the migration including technical specifications and margin rates, visit here.
About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives and FX across
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FAQ
What changes were made to CBOE's bitcoin and ether futures trading in June 2025?
How will the migration of crypto futures to CFE benefit CBOE traders?
What clearing organization handles CBOE's FBT and FET futures after the migration?
What technology platform powers CBOE's futures trading after the June 2025 migration?
Have the contract specifications changed for CBOE's bitcoin and ether futures after moving to CFE?
