CME Group and CF Benchmarks to Launch Two New Cryptocurrency Reference Rates and Real-Time Indices on July 29

Rhea-AI Summary

CME Group and CF Benchmarks will introduce two new cryptocurrency reference rates and real-time indices for Ripple XRP (XRP) and Internet Computer (ICP) starting July 29. These benchmarks provide transparent pricing data to help market participants value portfolios and create structured products. The new benchmarks will use pricing data from leading exchanges such as Bitstamp, Coinbase, and Kraken and will publish the U.S. dollar price of each asset daily at 4 p.m. London time, with real-time indices published every second, year-round.

This expansion brings CME CF's suite of cryptocurrency benchmarks to 24, covering over 93% of the investible cryptocurrency market capitalization. The aim is to support the growing maturity of the cryptocurrency asset class and assist clients in risk management.

Positive

• Launch of new benchmarks for Ripple XRP and Internet Computer starting July 29.
• Coverage of over 93% of investible cryptocurrency market capitalization.
• Daily U.S. dollar price published at 4 p.m. London time.
• Real-time indices published every second, 24/7/365.

Negative

• New benchmarks are not tradable futures products.

CHICAGO and LONDON, July 11, 2024 /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, and CF Benchmarks, the leading provider of cryptocurrency benchmark indices, today announced 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 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," said Giovanni Vicioso, CME Group Global Head of Cryptocurrency 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."

As with all existing CME CF Benchmarks reference rates and real-time indices, 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.

"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," said Sui Chung, CEO of CF Benchmarks. "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."

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.

For more information on these products, please visit www.cmegroup.com/cryptobenchmarks.

As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing. 

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.

About CF Benchmarks

CF Benchmarks is the leading regulated cryptocurrency index provider. Authorized as a registered benchmark administrator under the UK Benchmarks Regulation (UK BMR). CF Benchmarks (FRN 847100) is on the FCA Benchmarks Register. Benchmark indices are provided through fully replicable public methodologies and transparent governance, for tracking, valuing and settling risk in cryptocurrency products and services.

CF Benchmarks' indices are integrated into some of the largest regulated crypto products by assets. This includes six out of the 11 spot bitcoin ETFs in the US (IBIT, ARKB, EZBC, BITB, BRRR & BTCW) and 99% of the regulated crypto derivatives market, including crypto derivatives offered by CME Group. In total, over $40bn of assets are referenced to CF Benchmarks indices.

CME-G

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SOURCE CME Group

FAQ

What new cryptocurrency benchmarks are CME Group and CF Benchmarks launching?

They are launching new reference rates and real-time indices for Ripple XRP (XRP) and Internet Computer (ICP) starting July 29.

When will the new CME Group cryptocurrency benchmarks be available?

The new benchmarks will be available starting July 29.

Which cryptocurrencies are included in the new CME CF benchmarks?

The new benchmarks include Ripple XRP (XRP) and Internet Computer (ICP).

What is the publication schedule for the new CME CF cryptocurrency indices?

The U.S. dollar price of each asset will be published daily at 4 p.m. London time, and the real-time indices will be published every second, 24/7/365.

Are the new CME CF benchmarks tradable futures products?

No, the new benchmarks are not tradable futures products.