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2020 has taught us the competitive advantage cash settled vs. physically settled futures can give to an exchange. ICE Brent is beating CME WTI, and CME Bitcoin is beating ICE Bitcoin on this premise. Cash settlement helps avoid risks of holding the underlying. More below:
First, oil - CME offers a physically settled WTI future (you get actual oil at expiry), whereas ICE offers cash settled Brent (you get cash at expiry). After WTI prices went negative in March, ICE has been beating WTI in energy bc Brent has been more stable:pic.twitter.com/UmwWSRtCdG
Second, bitcoin - CME has 99% market share in BTC futures because (at least for now) institutions don't want to hold the underlying. If you can trade bitcoin without having to build infrastructure to hold it, you get the best of both worlds.pic.twitter.com/xOh4K7c5pd
Think of cash settled futures like an ETF - you get exposure to an asset without all the fuss of dealing with the underlying. Some more reading on this topic: https://www.wsj.com/articles/negative-oil-prices-pose-headache-for-futures-giant-cme-11587547802 …
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