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The next CME Micro, MICRO CRUDE, coming July 12th


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The next CME Micro, MICRO CRUDE, coming July 12th

  #1 (permalink)
 
SMCJB's Avatar
 SMCJB 
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Micro WTI Crude Oil futures
Micro-sized crude oil, major possibilities


Launching July 12, 2021*, Micro WTI Crude Oil futures will offer a new, cost-effective way to access the world's most liquid crude oil contract.

At 1/10 the size of the benchmark WTI futures contract, Micro WTI Crude Oil futures offer traders a more precise instrument for managing crude oil exposure without sacrificing transparency.

Micro WTI Crude Oil futures
https://www.cmegroup.com/trading/energy/micro-wti-crude-oil-futures.html

Micro WTI Crude Oil Futures FAQ
https://www.cmegroup.com/education/articles-and-reports/micro-wti-crude-oil-futures-faq.html

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  #2 (permalink)
 
FuturesTrader71's Avatar
 FuturesTrader71 
 
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@SMCJB,

You are darn quick on the trigger with these announcements.

Yes, Micro-CL is on the way (FINALLY). How crazy is it that they announce it on the same day that SMFE Small Crude is launched??? After 2 petitions and about 6000 signatures as well as 2 years of campaigning, it is on the way.

Anyway, here's what we know:
  • 1/10th the size of WTI Crude Oil Futures (CL)
  • Financially settled
  • Terminate the day before the expiration of CL
  • Same tick increment as CL
  • Non-member exchange fee is $.50

Details on CME website:
Let me know if you have questions.

Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.

If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
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  #3 (permalink)
 
SMCJB's Avatar
 SMCJB 
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FuturesTrader71 View Post
@SMCJB,

You are darn quick on the trigger with these announcements.

I'm a CME spy!

FuturesTrader71 View Post
Financially settled

So is this the first Micro that settles differently than the full size?

I suspect this will kill the eMini QM quickly. a) QM is big at 50% size, b) everybody hates the 2.5c/$12.50 tick size.

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FuturesTrader71's Avatar
 FuturesTrader71 
 
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SMCJB View Post
I'm a CME spy!

So is this the first Micro that settles differently than the full size?

I suspect this will kill the eMini QM quickly. a) QM is big at 50% size, b) everybody hates the 2.5c/$12.50 tick size.

Not sure what it will do to the QM. I find that contract useless for independent traders.

I like financial settlement as it removes a lot of the negative pricing risk that we saw last year with CL

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 Two Sheds 
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Yeah, love it! This will be a huge hit like the index Micros for sure. So much better for the small and independent traders.

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  #6 (permalink)
 tr8er 
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FuturesTrader71 View Post
@SMCJB,

You are darn quick on the trigger with these announcements.

Yes, Micro-CL is on the way (FINALLY). How crazy is it that they announce it on the same day that SMFE Small Crude is launched??? After 2 petitions and about 6000 signatures as well as 2 years of campaigning, it is on the way.

Anyway, here's what we know:
  • 1/10th the size of WTI Crude Oil Futures (CL)
  • Financially settled
  • Terminate the day before the expiration of CL
  • Same tick increment as CL
  • Non-member exchange fee is $.50

Details on CME website:
Let me know if you have questions.

Thanks Morad for the petitions and your hard work to get this product added

Yes the CME came out after the Small Exchange has lauched a micro crude but it is important that the CME has launched it as well, because in my opinion the Small Exchange is a pure non-event and they can close their doors whenever they want, I guess they have no change to survive.

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 FuturesTrader71 
 
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tr8er View Post
Thanks Morad for the petitions and your hard work to get this product added

Yes the CME came out after the Small Exchange has lauched a micro crude but it is important that the CME has launched it as well, because in my opinion the Small Exchange is a pure non-event and they can close their doors whenever they want, I guess they have no change to survive.

Maybe so. But it is in every futures trader's own interest to see the SMFE succeed and grow. On the MCL, they are basically charging $5 per side in equivalent CL fees. That's very high for the tick value. There is no competition (which is what SMFE would be) and so CME can charge these really high exchange fees.

If you haven't done so, take a look at what The Small Exchange offers and what you can do to support it. The data is free. Exchange membership is currently free (was $100 lifetime). The fees are very low. What is needed is liquidity and longer trading hours, imo.

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  #8 (permalink)
 
SMCJB's Avatar
 SMCJB 
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Small Exchange

Pros
1 - Clever contract design. Same tick across all products. Easy to understand. Retail Focused.
2 - Small Size

Cons
1 - Contract design. Do you want to trade a precious metals contract vs Gold or Silver or Platinum. Do you want to trade a Crude contract vs WTI or Brent.
2 - To Small to attract anything but the smallest trader.
3 - Connectivity/Clearing - If trading platforms don't connect you can't trade it. IF FCMs don't clear it you can't trade it.

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 MNSTrading 
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I guess the bottom line is a market is only as good as those that participate.

I think its a brilliant size and will receive a lot of varied traffic. Its a good size for me and I am very excited, we will see soon enough I guess.

Coming, they can't be denied. Going, they can't be detained.
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  #10 (permalink)
 
SMCJB's Avatar
 SMCJB 
Houston TX
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Experience: Advanced
Platform: TT and Stellar
Broker: Advantage Futures
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
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I think it will be hugely successful

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Last Updated on July 11, 2021


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