CHICAGO and LONDON, Aug. 16,
2023 /PRNewswire/ -- CME Group, the world's leading
derivatives marketplace, and CF Benchmarks, the leading provider of
cryptocurrency benchmark indices, today announced
plans to launch two new APAC-specific reference rates for
bitcoin and ether on September
11 – the CME CF Bitcoin Reference Rate APAC
(BRRAP) and CME CF Ether-Dollar Reference Rate APAC (ETHUSD_AP) –
which will provide a once-a-day reference rate for the U.S. dollar
price of the two digital assets, published at 4 p.m. Hong
Kong/Singapore time.
"These new reference rates are designed to meet the
ever-evolving needs of global participants in the growing digital
asset space," said Giovanni Vicioso,
Global Head of Cryptocurrency Products at CME Group.
"Year-to-date, 37% of total crypto volume at CME Group
has been traded during non-U.S. hours, with 11% of trades coming
from the APAC region. As we continue to see more institutional
clients use our Bitcoin and Ether futures products in
active portfolios or structured products like ETFs, these APAC
reference rates will allow market participants to more accurately
and precisely hedge cryptocurrency price risk with
timing more closely aligned to their portfolios."
These non-tradable reference rates will complement the existing
CME CF Bitcoin Reference Rate (BRR) and CME CF-Ether
Dollar Reference Rate (ETHUSD_RR), published at 4 p.m. London time,
as well as the recently introduced CME CF Bitcoin
Reference Rate New York (BRRNY) and CME CF Ether-Dollar Reference
Rate New York (ETHUSD_NY), published at 4
p.m. New York time. The BRR
and ETHUS RR will continue to serve as the benchmark rates for
settlement of all CME Group Bitcoin futures, Micro
Bitcoin futures and Ether futures and Micro Ether
futures contracts.
"Crypto adoption continues apace and CF Benchmarks
is delighted to facilitate financial institutions in providing
regulated financial products to Asian markets with the introduction
of APAC variants to our market defining Bitcoin
Reference Rate and Ether-Dollar Reference Rate," said Sui Chung, CEO of CF Benchmarks. "As variants
these benchmarks will be calculated and administered to the same
exacting standards enjoyed by their existing London and New
York counterparts, which have done so much to build investor
and institutional confidence in crypto financial
products."
For more information on these products, please visit
www.cmegroup.com/cryptobenchmarks.
About CME Group
As the world's leading derivatives marketplace, CME Group
(www.cmegroup.com) enables clients to trade futures,
options, cash and OTC markets, optimize portfolios, and analyze
data – empowering market participants worldwide to efficiently
manage risk and capture opportunities. CME Group exchanges offer
the widest range of global benchmark products across all major
asset classes based on interest rates, equity
indexes, foreign exchange, energy,
agricultural products and metals. The
company offers futures and options on futures trading through the
CME Globex platform, fixed income trading via
BrokerTec and foreign exchange trading on the EBS platform. In
addition, it operates one of the world's leading central
counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange,
Globex, and, E-mini are trademarks of Chicago Mercantile Exchange
Inc. CBOT and Chicago Board of
Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York
Mercantile Exchange and ClearPort are trademarks of New York
Mercantile Exchange, Inc. COMEX is a trademark of Commodity
Exchange, Inc. BrokerTec and EBS are trademarks of BrokerTec Europe
LTD and EBS Group LTD, respectively. The S&P 500 Index is a
product of S&P Dow Jones Indices LLC ("S&P DJI").
"S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are
trademarks of Standard & Poor's Financial Services LLC; Dow
Jones®, DJIA® and Dow Jones Industrial Average are service and/or
trademarks of Dow Jones Trademark Holdings LLC. These trademarks
have been licensed for use by Chicago Mercantile Exchange Inc.
Futures contracts based on the S&P 500 Index are not sponsored,
endorsed, marketed, or promoted by S&P DJI, and S&P DJI
makes no representation regarding the advisability of investing in
such products. All other trademarks are the property of their
respective owners.
About CF Benchmarks
CF Benchmarks is the leading provider of
cryptocurrency benchmark indices, authorised and
regulated by the UK FCA under the EU BMR. Composed of market data
from six constituent exchanges, its benchmark indices are provided
through public methodologies and transparent governance, for
tracking, valuing and settling risk in cryptocurrency
financial services and products. CF Benchmarks' indices have been
used to settle over $500bn of
cryptocurrency derivative contracts listed for trading
by CME Group and Kraken Futures.
CME-G
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SOURCE CME Group