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Canadian Exchange TMX Soon to Start Bitcoin Futures Trading
The futures contracts will trade on the Montreal Exchange and will be cash-settled and denominated in U.S. dollars, the exchange said.
Updated Oct 3, 2023, 7:52 p.m. Published Oct 3, 2023, 4:52 p.m.
TMX Group, the largest Canadian exchange, said Tuesday its derivatives trading platform will soon introduce bitcoin (BTC) futures contracts.
"Montréal Exchange (MX) is launching the Bitcoin Price Index Futures to meet rising market demand for digital cryptocurrency asset classes," an announcement on the firm's website said. "Despite growing interest, investors face limitations when evaluating vehicles to manage their exposure to bitcoin price movements."
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The futures will be cash settled in U.S. dollars, meaning that dollars change hands at settlement instead of the underlying instrument (bitcoin, in this case). The futures settlement value will be determined by the CoinDesk Bitcoin Price Index (XBX), crafted by CoinDesk Indices, a subsidiary of CoinDesk.
The development comes as traditional financial firms continue expanding their digital asset services. The Chicago Mercantile Exchange (CME), already a key venue in the U.S. to trade BTC futures, earlier this year added to its lineup with ether-to-bitcoin ratio futures.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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