CHICAGO and LONDON — CME Group, the world's leading derivatives marketplace, and CF Benchmarks, a top provider of cryptocurrency benchmark indices, announced plans to launch two new cryptocurrency reference rates and real-time indices for Ripple XRP (XRP) and Internet Computer (ICP). These benchmarks will be calculated and published daily by CF Benchmarks, starting July 29, 2024.
Key Features of the New Benchmarks
- Non-Tradable Products: These reference rates and indices are designed for valuation and risk management, not as tradable futures.
- Transparent Pricing: Provides clear, transparent pricing data for portfolio valuation and structured product creation.
- Broad Market Coverage: With 24 cryptocurrencies in the CME CF suite, the benchmarks cover 93%+ of the investible crypto market cap.
Methodology
- Data Sources: Pricing data sourced from leading exchanges like Bitstamp, Coinbase, Gemini, Kraken, and LMAX Digital.
- Calculation Standards: Each benchmark requires data from at least two exchanges to ensure reliability.
Executive Insights
Giovanni Vicioso, CME Group’s Global Head of Cryptocurrency Products:
"These benchmarks empower market participants to accurately value portfolios and manage risk across a diversified crypto asset class."
Sui Chung, CEO of CF Benchmarks:
"We’re committed to maintaining rigorous standards, ensuring client confidence as they engage with emerging digital assets like XRP and ICP."
Technical Details
- Reference Rates: Daily USD price published at 4:00 PM London time.
- Real-Time Indices: Updated every second, 24/7.
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FAQs
Q1: Can these benchmarks be traded?
A1: No, they serve as valuation tools for portfolios and structured products.
Q2: Which exchanges contribute pricing data?
A2: Bitstamp, Coinbase, Gemini, Kraken, and others in the CME CF network.
Q3: How often are the indices updated?
A3: Real-time indices refresh every second; reference rates are published daily.
About CME Group
CME Group () operates the world’s leading derivatives marketplace, offering futures, options, and cash markets across asset classes like interest rates, equities, and commodities. Key platforms include:
- CME Globex: Electronic trading.
- BrokerTec: Fixed income.
- EBS: Forex.
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About CF Benchmarks
A UK BMR-authorized benchmark administrator, CF Benchmarks provides indices for:
- 6 of 11 US spot Bitcoin ETFs (e.g., IBIT, ARKB).
- 99% of regulated crypto derivatives, including CME Group’s offerings.
$40B+ in assets reference CF Benchmarks indices.
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