CHICAGO and LONDON, May 14, 2018 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, and Crypto Facilities Ltd, a world-leading cryptocurrency trading platform, today launched the CME CF Ether-Dollar Reference Rate (Ether Reference Rate), which will provide a daily benchmark price in U.S. dollars at 4 pm London time, and CME CF Ether-Dollar Real Time Index (Ether Real Time Index), which will allow users access to a real-time Ether price in U.S. dollars.
Both the Ether Reference Rate and Ether Real Time Index will be calculated by Crypto Facilities and will be based on transactions and order book activity from two major cryptocurrency exchanges: Kraken and Bitstamp. The reference rates are available today on CME Group and Crypto Facilities websites and will be distributed on the CME Group Market Data Platform beginning June 4, 2018.
"The Ether Reference Rate and Real Time Index are designed to meet the evolving needs of this marketplace," said Tim McCourt, Managing Director and Global Head of Equity Products and Alternative Investments at CME Group. "Providing price transparency and a credible price reference source is a key development for users of Ethereum."
"Ether, the second largest cryptocurrency, experienced incredible adoption and growth in 2017, evolving into the leading blockchain for smart contracts," said Dr. Timo Schlaefer, CEO of Crypto Facilities. "We are excited to be contributing to the strong community that has developed around the Ethereum network by providing a reliable reference rate and real-time Ether-Dollar price."
The existing Bitcoin Oversight Committee, consisting of CME Group, Crypto Facilities and leading industry experts, will take on the additional responsibilities for overseeing these new reference rates. The oversight committee will regularly review the methodology, practices and standards to protect the integrity of the reference rates.
For more information on this offering, please visit www.cmegroup.com/ether.
About CME Group
As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. Around the world, CME Group brings buyers and sellers together through its CME Globex® electronic trading platform. CME Group also operates one of the world's leading central counterparty clearing providers through CME Clearing, which offers clearing and settlement services across asset classes for exchange-traded and over-the-counter derivatives. CME Group products and services ensure that businesses around the world can effectively manage risk and achieve growth.
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About Crypto Facilities Ltd.
Crypto Facilities is a world-leading cryptocurrency trading platform for professionals, offering individuals and institutions regulated, transparent and secure trading 24/7/365. The firm is also a leading index provider, calculating and administering the CME CF Bitcoin Reference Rate (BRR) and Real Time Index (BRTI) powering the CME Group's Bitcoin Futures. Founded in 2015 and headquartered in London, Crypto Facilities is authorized and regulated by the UK's Financial Conduct Authority. For more information, please visit www.cryptofacilities.com.
SOURCE CME Group