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CME Group and CF Benchmarks Launching Bitcoin and Ether Reference Rates in September

On Wednesday, August 16, the best-performing crypto derivatives marketplace, CME Group, announced plans to roll out a Bitcoin and Ether reference rates next month. The CME Group latest development indicated the willingness of the firm to join the ongoing crypto craze in the Asia-Pacific region.

Previously the CME Group had partnered with the CF Benchmarks to expand to the Asian market. The partners agreed to launch two Bitcoin and Ether reference rates in September to meet the customers demands. The investor will use the expected reference rates to analyze the crypto prices for Bitcoin and Ether.

CME Group Eyes for Asian Market

Additionally, the reference rates for Bitcoin and Ether will be published once a day at 4 pm Singapore time. The CME and CF team projects to officially launch the reference rates on September 11, aiming at meeting the needs of Asian investors and institutional clients.

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A statement issued by CME’s Group head of crypto products, Giovanni Vicioso, revealed that the APAC reference rates will provide investors with more accurate data. The executive confessed that the proposed reference rates would curb the risk associated with the fluctuation of crypto prices due to its uniqueness tailored to meet the ever-changing needs of the investors.

The executive noted that 37% of the total crypto assets traded through the CME group for the past few months were conducted in non-US time zones. Vicioso confirmed that approximately 11% of the crypto trading volume originated from the APAC region.

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Remarkably the CME Group has actively provided investors with reference rates for Bitcoin and Ether published in New York and London Time zone. After analyzing CME’s recent report, Vicioso observed a growing interest in Bitcoin and Ether futures products among institutional clients.

He stated that the expected reference rates will complement the existing CME market variants.

Suitability of Asia-Pacific Region

Elsewhere, the chief executive of CF Benchmarks, Sui Chung, confirmed that crypto adoption continues to grow in Asia. The CEO confessed that the CF Benchmarks was pleased to enable the financial institutions to provide products that meet the Asian compliance requirements.

Chung added that the CF team, in partnership with CME, will soon release Bitcoin Reference Rate and Ether-Dollar Reference Rate for Asian investors.

He affirmed that the APAC variants would replicate the standards and measures the London and New York investors used. The executive praised the efforts made by the CF team to restore the investor’s confidence in crypto products.

In an interview with Cointelegraph, the head of research at Matrixport, Markus Thielen, argued that launching the reference rates indicated that the CME had experienced a growing demand from institutional investors.

The analyst claimed that CME customers’ demanded for an accurate Bitcoin and Ether price in the Asian timezone. He projects that the institutions will adopt the daily crypto prices for investors to solve real-life problems.

Mr.Thielen anticipates that the CME and CF will experience a growing demand from the institutional investors soon after the launch of market variants.

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Besides providing reference rates for BTC and ETH, the CF and CME team has been providing the investors’ market variant and real-time indexes for Axie Infinity (AXS), Chiliz (CHZ), and Decentraland (MANA). 

News concerning the launch of the reference rates came when leading exchanges and institutions were eyeing to enter the Hong Kong and Singapore vibrant market. Lately, Asian countries led by Hong Kong and Singapore have made a remarkable move in providing regulatory clarity on crypto assets.

Editorial credit: 24K-Production / Shutterstock.com


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Kimberly Crain

Kimberly Crain is a seasoned crypto trader and writer, offering valuable insights into the digital asset market. With expertise in trading strategies and a passion for blockchain technology, her concise and informative articles empower readers to navigate the evolving world of cryptocurrencies.

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