CME Group announces the launch of Ether price reference index

14 May 2018

CME GroupCME Group, a Chicago-based financial market company operating an options and futures exchange, announced in the official press-release that it will be publishing an Ether reference and a real-time Ether-Dollar index in a joint effort with its partner Crypto Facilities, a London-based FCA-regulated digital asset exchange specializing in bitcoin futures.

In the Moday statement, the companies said that CME Group will be providing a benchmark price in U.S. dollars 24/7 along with the real-time price on the basis of transactions and order book activity. The data will be derived from major cryptocurrency exchanges such as Kraken and Bitstamp. At the moment the rates are already visible for the visitors of both CME Group and Crypto Facilities websites. The start date for citing the data on the CME Group Market Data Platform is scheduled for June 4.

Tim McCourt, a managing director and global head of equity products and alternative investments at CME Group, noted in the release that the Ether Reference Rate and Real Time Index are a due-time response to a growing demand in the market. He believes, that ensuring availability of price transparent data along with trustworthy information about price reference will be if critical benefit for the users of Ethereum.

Timo Schlaefer, CEO of Crypto Facilities, adds that Ether, being the second major cryptocurrency in the industry, has seen a dramatic growth and adoption since 2017, becoming a major blockchain platform for concluding smart contracts.

Under the terms of the partnership, the indices will be monitored and managed by the Bitcoin Oversight Committee, a joint body established by CME Group, Crypto Facilities and other industry participants. The committee will be responsible for controlling and regularly examining the methodology, practices and standards with an ultimate goal to ensure integrity of the reference rates.

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