CME Group plans to launch two new cryptocurrency reference rates and real-time indices for Ripple XRP (XRP) and Internet Computer (ICP), which will be calculated and published daily by CF Benchmarks, beginning July 29.
These reference rates and indices are not tradable futures products. These new benchmarks will utilize pricing data from those leading crypto exchanges and trading platforms that are current constituent exchanges for the CME CF Benchmark suite of reference rates and real-time indices.
Each of the new benchmarks will be calculated with pricing data from a minimum of two of these exchanges – Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital.
Each of these new reference rates will provide the U.S. dollar price of each digital asset, published once-a-day at 4 p.m. London time, while each respective real-time index will be published once per second, 24 hours a day, 365 days per year.
Benchmarks help accurately value portfolios or create structured products
Giovanni Vicioso, CME Group Global Head of Cryptocurrency Products, said: “These new benchmarks are designed to provide clear and transparent pricing data to a broad range of market participants, allowing them to more accurately value portfolios or create structured products. With 24 cryptocurrencies in our suite of CME CF References Rates and Real-Time Indices, we will provide pricing data across more than 93% of the investible cryptocurrency market capitalization, helping clients everywhere to better manage their risk.”
Sui Chung, CEO of CF Benchmarks, commented: “CF Benchmarks is proud to continue to support the expansion and maturation of this asset class as clients start to spread their activity across a wider range of cryptocurrencies. These new reference rates and indices will be calculated and administered to the same exacting standards as the other benchmarks in the CME CF Single Asset Series, ensuring that clients continue to have the same level of confidence as they engage with these new assets.”
AXS, CHZ, MANA, AVAX, FIL, XTX, AAVE, CRV, SNX
Last year, CME Group launched three Metaverse reference rates and real-time indices calculated and published daily by CF Benchmarks. The benchmarks cover Axie Infinity (AXS), Chiliz (CHZ), and Decentraland (MANA).
Each of these new reference rates will provide the U.S. dollar price of each digital asset, published once-a-day at 4 p.m. London time, while each respective real-time index will be published once per second, 24 hours a day, 365 days per year.
In December 2022, CME Group launched three DeFi reference rates and real-time indices: Aave (AAVE), Curve (CRV), and Synthetix (SNX).
In late October 2022, CME Group launched cryptocurrency reference rates and real-time indices of Avalanche (AVAX), Filecoin (FIL), and Tezos (XTZ).
CF Benchmarks is a provider of cryptocurrency benchmark indices authorized and regulated by the UK FCA under the EU BMR. Its benchmark indices are composed of market data from six constituent exchanges and have been used to settle over $500bn of cryptocurrency derivative contracts listed for trading by CME Group and Kraken Futures.
