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CME Group to introduce three new cryptocurrency reference rates

On October 6, the world’s largest derivatives market operator, CME Group, announced its plan to introduce three new cryptocurrency reference rates. As of October 31st, reference rates for the native tokens of the Avalanche, Tezos, and Filecoin blockchains will be made available on the CME thanks to a partnership with CF Benchmarks.

The real-time indexes for each token will be updated once per second, 24 hours a day, 365 days a year. The reference rates will reflect the price of each token in US dollars, and they will be released once a day at 4 p.m. British Summer Time (BST). Data for these reference rates will be provided by Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital.

According to Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group, the CME CF Reference Rates and real-time indexes will capture more than 92% of the investable cryptocurrency market capitalisation. This data was provided by Giovanni Vicioso.

“These new benchmarks are designed to allow traders, institutions and other users to access a much broader range of cryptocurrencies through a suite of products they are already familiar with, allowing them to confidently and more accurately manage cryptocurrency price risk, value portfolios or create structured products like ETFs,” Vicioso concluded. 

Despite the fact that these are just reference rates and not tradable futures, the inclusion of additional reference rates may hint to possible expansions to the CME’s list of trading cryptocurrency futures. The CME Group launched ether options on September 12 of last month, expanding the range of cryptocurrency derivatives instruments it offers. 

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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