CME Group, a leading global derivatives marketplace, in collaboration with CF Benchmarks, a prominent provider of cryptocurrency benchmark indices, has announced the launch of two new APAC-specific reference rates for Bitcoin and Ether. These rates, named the CME CF Bitcoin Reference Rate APAC (BRRAP) and CME CF Ether-Dollar Reference Rate APAC (ETHUSD_AP), are set to be introduced on September 11. They will offer a daily reference rate for the U.S. dollar value of these two digital assets, with the publication time slated for 4 p.m. Hong Kong/Singapore time.
Giovanni Vicioso, the Global Head of Cryptocurrency Products at CME Group, highlighted the significance of these new rates by stating, “Year-to-date, 37% of total crypto volume at CME Group has been traded during non-U.S. hours, with 11% of trades originating from the APAC region.” He further emphasized that these APAC reference rates would enable market participants to hedge…
