CME to Launch Crypto Reference Rates and Indices in Euros

CME to Launch Crypto Reference Rates and Indices in Euros

CME Group and CF Benchmarks are planning to launch two new, non-tradable, euro-denominated reference rates and real-time indices for bitcoin and ether, which will be calculated and published daily by CF Benchmarks, beginning June 6.

Each reference rate will provide the euro price for each of the digital asset pairs, 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:

·         CME CF Bitcoin-Euro Reference Rate

·         CME CF Bitcoin-Euro Real-Time Index

·         CME CF Ether-Euro Reference Rate

·         CME CF Ether-Euro Real-Time Index

These new reference rates and real-time indices will follow the same methodology and complement the existing U.S. dollar-based CME CF Bitcoin Reference Rate and CME CF Ether-Dollar Reference Rate, which will continue to serve as the benchmark rates for settlement of all CME Group cryptocurrency products. Bitstamp, Coinbase, Kraken and LMAX Digital will provide pricing data for these new benchmarks.

Tim McCourt, CME Group Global Head of Equity and FX Products, said: “With growing institutional interest in cryptocurrencies, there is an increasing demand for local cryptocurrency pricing information based on highly robust, regulated reference rates. These new benchmarks, which mark our first non-USD denominated cryptocurrency pricing products, will enable a broad range of market participants to more efficiently manage price risk, price portfolios and create structured products in a wider range of fiat digital asset pairs.”

Source: CME

Related articles

  1. SEC has rejected Grayscale Investments' application for a spot Bitcoin ETP. 

  2. The ETF provides a way for investors to potentially profit from a decline in the price of bitcoin.

  3. Gemini allegedly made false or misleading statements in self-certification of bitcoin futures.

  4. Addressing payment for order flow is most important retail trading initiative.

  5. KPMG acquired Bitcoin and Ethereum through Gemini Trust Company's execution and custody services.