CME Group and CF Benchmarks to Launch APAC Reference Rates for Bitcoin and Ether on September 11

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