CME Group, the world’s leading derivatives marketplace has now collaborated with Crypto Facilities Limited , a London-based bitcoin financial services firm to develop new cryptocurrency based products.
According to the latest press report, both the companies will be working together to develop CME CF Bitcoin Reference Rate and CME CF Bitcoin Real Time Index platforms, expected to be ready by the last quarter of this year.
Both products allow individual as well as institutional digital currency traders to keep track of the Bitcoin trading market. According to CME Group , the CME CF Bitcoin Reference Rate product will be providing the daily final settlement price of bitcoin in US dollars at 4 PM London time during trading days. The platform will be using spot exchange data from various exchanges at a specific time window every 24 hours and aggregate the trade flow to offer a transparent reference rate for the digital currency in USD.
Similarly, the CME CF Bitcoin Real Time Index, as its name suggests will be offering users with real-time bitcoin prices. The real-time price index data will be supplied by Crypto Facilities Limited after aggregating the global bitcoin buy and sell orders into one consolidated order book. By using the global data, the platform will offer a single average real-time bitcoin price, which will act as the current market rate of the digital currency in US dollar. It will, in turn, create a single reference standard which can be used by bitcoin traders to make decisions.
Sandra Ro, CME Group’s Executive Director, and Digitization Lead was quoted in the company’s press release saying – “These products are designed to allow bitcoin traders, companies, and other users to rely on a credible reference rate price source. Delivering innovative products and services that meet the market’s evolving needs is at the core […]
