CME Group and CF Benchmarks announced plans on Thursday 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 starting July 29.
These reference rates and indices are not tradable futures products.
“These new reference indices are designed to provide clear and transparent pricing data to a wide range of market participants, enabling them to more accurately value portfolios or create structured products,” said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group.
With 24 cryptocurrencies in our suite of CME CF Reference Rates and Real-Time Indices, “we will provide pricing data across more than 93% of the investable cryptocurrency market capitalization, helping clients around the world better manage their risk,” Vicioso added.
As with all CME CF Benchmarks reference rates and real-time indices, these new reference indices will use price data from major cryptocurrency exchanges and trading platforms that are currently constituent exchanges of the CME CF Benchmark reference rate and real-time index suite, the statement said.
Each of the new reference indices will be calculated using price data from a minimum of two of the exchanges Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital.
“CF Benchmarks is proud to continue supporting the expansion and maturation of this asset class as clients begin to distribute their activity across a wider range of cryptocurrencies,” said Sui Chung, CEO of CF Benchmarks.
Each of these new reference indices will provide the price in US dollars of each digital asset, published once a day at 16:00 London time, while each respective real-time index will be published once per second, 24 hours a day, 365 days a year.
