CME, CF Benchmarks Extend Crypto Reference Rates

Months after launching cryptocurrency benchmarks, CME Group and CF Benchmarks have extended the service to offer rates in euros as well as dollars.

The two new, non-tradable, euro-denominated reference rates and real-time indices for Bitcoin and Ether, will be calculated and published daily by CF Benchmarks, beginning June 6. Each rate will provide the euro price for each of the digital asset pairs, published once-a-day at 4 pm London time, while each respective real-time index will be published once per second, 24 hours a day, 365 days per year:

The new reference rates and real-time indices will follow the same methodology and complement the existing US dollar-based CME CF Bitcoin Reference Rate and CME CF Ether-Dollar Reference Rate, which will continue to serve as the benchmark rates for settlement of all CME cryptocurrency products. Bitstamp, Coinbase, Kraken and LMAX Digital will provide pricing data for these new benchmarks.

“With growing institutional interest in cryptocurrencies, there is an increasing demand for local cryptocurrency pricing information based on highly robust, regulated reference rates,” says Tim McCourt, CME Group global head of equity and FX products. “These new benchmarks, which mark our first non-USD denominated cryptocurrency pricing products, will enable a broad range of market participants to more efficiently manage price risk, price portfolios and create structured products in a wider range of fiat digital asset pairs.”