CME (Chicago Mercantile Exchange) is the world’s leading derivatives exchange, and CME Group is the firm that owns and operates this exchange.
CME was one of the first global exchanges to establish the Bitcoin price futures exchange in December 2017, and it remains a key player in this space.
The benchmark rates for BTC and ETH in the APAC region are set to be launched in partnership with CF Benchmarks, the leading provider of cryptocurrency benchmark indexes.
These rates are estimated to provide US dollar reference prices of the two major cryptocurrencies for Asian markets once a day and will be published in Hong Kong and Singapore at 4 p.m.
The UK FCA licences and regulates CF benchmarks, which consist of market data from six exchanges and are governed by the EU BMR. Its benchmark indices are provided through public methodologies and transparency, so monitoring is an option.
However, Kraken Futures and CME Group have already utilised CF Benchmarks indices to settle over $500 billion in crypto derivative contracts.
The benchmark rates will be non-tradable and will supplement the existing CME CF Bitcoin Reference Rate (BRR) and CME CF-Ether Dollar Reference Rate (ETHUSD_RR) published at 4 PM London time, as well as the CME CF Bitcoin Reference Rate New York (BRRNY) and CME CF Ether-Dollar Reference Rate New York (ETHUSD_NY) published at 4 PM New York time.
Of all CME Group Bitcoin and Ether futures contracts, BRR and ETHUS RR will continue to be used for settlement.
Ultimately, in addition to the two rates for Europe and the two for the United States, CME will now give rates for the Asia-Pacific area, which encompasses China, Japan, India, Singapore, Southeast Asia, and Australia.
- Published By Team Genuine Reporter