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Citigroup Gearing Up to Trade CME Bitcoin Futures: Sources
Citi will begin trading CME bitcoin futures first and then bitcoin exchange-traded notes, one of the sources said.
U.S. banking giant Citigroup (NYSE: C) is awaiting regulatory approval to begin trading bitcoin futures contracts on the Chicago Mercantile Exchange (CME), according to a source within the bank who asked to remain nameless.
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The bank is said to be fielding a surge in client demand for cryptocurrency exposure as bitcoin again mounts a climb toward $50,000. Citi, which is still working through the necessary regulatory approvals, would join fellow megabank Goldman Sachs in offering bitcoin futures trading.
A second person familiar with cryptocurrency derivatives markets said Citi is activelyhttps://jobs.citi.com/job/london/quantitative-developer-fx-autotrader-and-algo/287/6920262032 recruitinghttps://jobs.citi.com/job/london/vp-fx-etrading-quantitative-developer-london/287/12550262560 people to join a crypto-focused team in London, adding:
“The team is likely to win approval to begin trading CME bitcoin futures first and then bitcoin exchange-traded notes (ETNs).”
“Given the many questions around regulatory frameworks, supervisory expectations and other factors, we are being very thoughtful about our approach,” a Citigroup spokesperson told CoinDesk via email. “We are presently considering products such as futures for some of our institutional clients, as these operate under strong regulatory frameworks.”
In January, CME took the prime spot on the list of the biggest bitcoin futures trading platforms, indicating a continued rise in institutional participation.
An increasing number of big banks are venturing into crypto, often by way of cash-settled products that track the price of cryptocurrencies. In July, CoinDesk reported that Bank of America’s prime brokerage unit started the clearing and settlement of cryptocurrency exchange-traded products (ETPs) for hedge funds in Europe.
Read more: Citi Launches ‘Digital Assets Group’ Within Wealth Management Division
Citigroup, one of the largest banks in the U.S., holds some $23.7 trillion in assets under custody. In June, Citi launched a business unit to offer cryptocurrency-related products under the bank’s wealth management umbrella. In May 2021, Citi was said to be weighing cryptocurrency trading and custody, according to a Financial Times report.
During the last crypto bull run in 2017, Citi’s U.K. brokerage platform started offering clients access to ETH ETNs. But as the price of bitcoin dropped in 2018, the demand for the products declined and the offering was shelved.
Ian Allison
Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
