CME Group, a prominent player in the U.S. derivatives market, has announced the expansion of its cryptocurrency benchmarks to include Ripple XRP (XRP) and Internet Computer (ICP). Scheduled for launch on July 29, these new benchmarks will be introduced as reference rates and real-time indices, but will not support tradable futures.
Managed by CF Benchmarks, the reference rates will be calculated daily at 4 p.m. GMT, providing a fixed U.S. dollar price. Simultaneously, the real-time indices will update every second, around the clock.
Giovanni Vicioso, head of cryptocurrency products at CME Group, emphasized the benchmarks’ role in offering transparent pricing data to diverse market participants. This data aims to facilitate more accurate portfolio valuation and structured product creation.
The pricing mechanisms will aggregate data from leading cryptocurrency exchanges including Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital. According to Vicioso, these additions expand CME Group’s suite to encompass 24 cryptocurrencies, covering over 93% of the investible cryptocurrency market capitalization.
This move underscores CME Group’s commitment to enhancing risk management capabilities and fostering innovation within the cryptocurrency derivatives landscape.
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