International Derivatives Market The CME Group and cryptocurrency benchmark provider CF Benchmarks today announced plans to launch two new cryptocurrency benchmarks 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.
“These new benchmarks are designed to provide clear and transparent pricing data to a wide range of market participants, allowing 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 real-time CME CF benchmark rates and indices, we will provide pricing data to more than 93% of the investable crypto market capitalization, helping clients everywhere better manage their risk.”
As with all existing CME CF Benchmarks and real-time indices, these new benchmarks will use pricing data from those leading crypto exchanges and trading platforms that are current component exchanges for the suite of CME CF Benchmarks and indices in real time. Each of the new benchmarks will be calculated with pricing data from at least 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 begin to spread their activity across a wider range of cryptocurrencies,” said Sui Chung, CEO of CF Benchmarks. “These new benchmarks and indices will be calculated and managed to the same strict standards as the other benchmarks in the CME CF single asset range, ensuring that clients will continue to have the same level of confidence as they commit to these new assets data”.
Each of these new benchmarks will provide the US dollar price for each digital asset, published once a day at 4 p.m. London time, while each corresponding real-time indicator will be published once per second, 24 hours per day, 365 days per year.