CME Group is expanding its cryptocurrency benchmarking suite with new reference rates and real-time indices for Ripple XRP (XRP) and Internet Computer (ICP). These benchmarks, calculated by CF Benchmarks, will launch on July 29, providing daily pricing data to enhance market transparency.
Key Features of the New Crypto Benchmarks
- Calculation Method: Aggregates pricing data from at least two constituent exchanges (Bitstamp, Coinbase, Gemini, itBit, Kraken, LMAX Digital)
Publication Frequency:
- Reference rates: Daily at 4 p.m. London time
- Real-time indices: Updated every second, year-round
- Coverage: Expands CME's benchmark suite to 24 cryptocurrencies, representing 93% of the crypto market cap
Purpose and Industry Impact
Giovanni Vicioso, CME Group’s Global Head of Cryptocurrency Products, emphasized:
"These benchmarks enable accurate portfolio valuation and structured product creation, helping clients manage risk across diverse crypto assets."
Sui Chung, CEO of CF Benchmarks, added:
"Our rigorous standards ensure clients can confidently engage with emerging assets like XRP and ICP."
Expanding the Benchmark Ecosystem
CME Group has consistently pioneered crypto benchmarks:
| Category | Assets Launched (Year) |
|----------------|------------------------------|
| Metaverse | AXS, CHZ, MANA (2022) |
| DeFi | AAVE, CRV, SNX (Dec 2022) |
| Layer-1 Chains | AVAX, FIL, XTZ (Oct 2022) |
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CF Benchmarks' Credentials
- Regulation: UK FCA-authorized under EU BMR
- Track Record: Benchmarks have settled $500bn+ in crypto derivatives
FAQ: Crypto Benchmarks Explained
Q: Can these benchmarks be traded directly?
A: No, they serve as reference tools for pricing and risk management.
Q: How are the benchmarks calculated?
A: Using aggregated trade data from vetted exchanges to minimize manipulation risks.
Q: Why add XRP and ICP now?
A: Reflects growing institutional interest in altcoins beyond Bitcoin and Ethereum.
Q: Who uses these benchmarks?
A: Asset managers, structured product issuers, and hedge funds.
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