CME launches CME CF Reference Rates for Axie Indinity (AXS), Chiliz (CHZ), Decentraland (MANA)

Rick Steves

“With increased price transparency across more cryptocurrency products, market participants will be able to price sector-specific portfolios, develop structured products with greater confidence and manage price risk around various Metaverse-based projects.”

CME Group has launched three new Metaverse reference rates and real-time indices, which will be calculated and published daily by CF Benchmarks, beginning January 30.

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.

Axie Infinity, Chiliz, and Decentraland

These reference rates and indices are not tradable futures products. CME CF Reference Rates and Real-Time Indices are based on methodologies that have regular expert oversight and are designed to meet the growing need for transparent, regulated, and round-the-clock pricing.

Three new Metaverse reference rates and real-time indices include:

  • Axie Infinity (AXS)
  • Chiliz (CHZ)
  • 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.

Reference rates for better pricing, structured products, and risk management

These new Metaverse 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 Axie Infinity, Chiliz, and Decentraland benchmarks will be calculated with pricing data from a minimum of two of these exchanges – Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital.

Giovanni Vicioso, CME Group Global Head of Cryptocurrency Products, commented: “As we continue to see a rising interest in Metaverse projects, CME Group, in partnership with CF Benchmarks, will expand its suite of regulated, non-tradable Cryptocurrency Reference Rates and Real-Time Indices to include three new Metaverse tokens. With increased price transparency across more cryptocurrency products, market participants will be able to price sector-specific portfolios, develop structured products with greater confidence and manage price risk around various Metaverse-based projects.”

Sui Chung, CEO of CF Benchmarks, said: “These benchmarks will provide accurate and resilient pricing data for tokens linked to the Metaverse, an exciting new scion of crypto where properties and communities can exist wholly within a virtual realm. CF Benchmarks is proud to continue its work with CME Group, providing investors with exposure to all facets of the digital asset class with reference rates that meet the high benchmarking standards they’ve come to expect.”

Read this next

Retail FX

Italian watchdog red flags Olympus Brokers, UnicoFX and Allfina Group

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

XTB revenues hits zł1.45 billion in 2022, Q4 earnings disappoint

Poland-based Forex and CFDs broker, XTB has reported its final results for Q4 of 2022 and the full fiscal year ending on December 31, 2022, showing one of its most successful corporate years.

Executive Moves

Lirunex Limited recruits Waleed Salah as head of MENA sales

Maldives-based brokerage firm Lirunex Limited has secured the services of Waleed Salah, who joined the company in the role of its head of sales for the MENA region.

Executive Moves

Trading 212 parts ways with co-founder Borislav Nedialkov

Trading 212 has a void to fill at its FCA-regulated business in London, following the departure of two key players, Raj Somal and Borislav Nedialkov.

Digital Assets

Binance acquires troubled crypto exchange GOPAX

Binance, the world’s largest digital asset trading platform, has reportedly acquired a majority stake in the troubled South Korea-based cryptocurrency exchange GOPAX.

Digital Assets

Kraken exits Middle East, closes UAE office

Digital currency exchange Kraken will close down its operations in Abu Dhabi, UAE and lay off the majority of its team focused on the Middle East and North Africa.

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

Industry News

FCA took down 14 times more misleading ads in 2022 thanks to technology

The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021.

Executive Moves

HKEX appoints ex-Goldman Sachs Matthew Cheong to lead platform’s focus on derivatives

“He has worked for a number of the world’s leading investment banks and his experience will be invaluable to HKEX as we continue to enhance our derivatives product offerings and build on our innovative and robust platform business, connecting capital with opportunities.”

<