The CME Group announced plans to introduce two new cryptocurrency reference prices and real-time indices starting October 29th, covering Ripple's XRP and Internet Computer (ICP). These benchmarks will be calculated and published daily by CF Benchmarks.
Key Features of the New Benchmarks
- Non-tradable products: These reference rates and indices serve as pricing tools rather than futures contracts
Data sources: Aggregated from top-tier crypto exchanges including:
- Bitstamp
- Coinbase
- Gemini
- itBit
- Kraken
- LMAX Digital
- Pricing methodology: Each benchmark incorporates data from at least two exchanges
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Operational Details
| Metric | Reference Rate | Real-Time Index |
|---|---|---|
| Pricing Frequency | Daily (4 PM London) | Per-second updates |
| Availability | 1 daily snapshot | 24/7/365 continuous data |
Strategic Importance for Market Participants
Giovanni Vicioso, CME Group's Global Head of Crypto Products, emphasized: "These benchmarks provide transparent pricing data for accurate portfolio valuation and structured product creation. Our 24-reference-rate suite now covers 93% of investable crypto market capitalization."
Sui Chung, CEO of CF Benchmarks, added: "We maintain rigorous standards matching our existing single-asset benchmarks, ensuring client confidence during crypto market expansion."
Expansion Timeline
2023 Additions:
- Metaverse assets (AXS, CHZ, MANA)
2022 Milestones:
- Q2: DeFi tokens (AAVE, CRV, SNX)
- Q1: Layer 1 protocols (AVAX, FIL, XTZ)
Regulatory Context
CF Benchmarks operates as an FCA-authorized benchmark administrator under EU BMR, with indices having settled $500B+ in derivatives contracts across CME Group and Kraken Futures.
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FAQ
Q: Can these benchmarks be traded directly?
A: No, they're reference tools for valuation and product development.
Q: How frequently is the reference rate updated?
A: Once daily at 4 PM London time.
Q: What percentage of crypto markets do CME benchmarks cover?
A: Over 93% of investable market capitalization.
Q: Are these benchmarks regulated?
A: Yes, CF Benchmarks is FCA-authorized under EU BMR.
Q: Which exchanges contribute pricing data?
A: Includes Coinbase, Kraken, LMAX Digital, and three others.
Q: When did CME first launch crypto benchmarks?
A: The program began with Bitcoin and Ethereum references in 2017.