PANews reported on May 6th that, according to The Block, the Chicago Mercantile Exchange Group (CME Group) plans to launch cash-settled Bitcoin volatility futures on June 1st, pending regulatory approval. The product will trade under the ticker symbol BVI, with each contract multiplied by $500 based on the BVX index value, and will settle to the CME CF Bitcoin Volatility Index (a real-time 30-day implied volatility indicator). Giovanni Vicioso, Global Head of Crypto Products at CME, stated that this move will allow traders to directly trade and hedge Bitcoin volatility without making directional bets on Bitcoin prices.