Share this article
Derivatives Giant CME Group Unveils Benchmarks for Bitcoin Traders
Derivatives marketplace CME Group and Crypto Facilities have unveiled two bitcoin benchmarks designed to give investors a new way to hedge.
Updated Sep 11, 2021, 12:15 p.m. Published May 2, 2016, 4:30 p.m.
Derivatives marketplace CME Group today unveiled two bitcoin benchmarks designed to give investors a new way to hedge.
Built in partnership with London-based Crypto Facilities, the prices for the two benchmarks will be derived from six different bitcoin exchanges – Bitfinex, Bitstamp, Coinbase, Genesis Global Trading, itBit and Kraken – and are designed to be compliant with global regulatory requirements.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The benchmarks can be used as bitcoin price reference points in derivatives that help manage the risk of bitcoin investments.
Speaking with CoinDesk, Crypto Facilities chief operating officer Timo Schlaefer said the benchmarks are designed to give investors a way to create derivatives with an "institutional level of quality".
Schlaefer said:
"I would think that anyone who might be interested in trading bitcoin derivatives, in particular if they offer their product in a regulated manner, should be interested in these benchmarks."
One of the benchmarks is called the CME Crypto Facilities Bitcoin Reference Rate (BRR), which is a once-a-day reference rate on the price of bitcoin in US dollars.
The second benchmark will be calculated by Crypto Facilities and be based on global demand to buy and sell bitcoin aggregated into a consolidated order book.
"These products are designed to allow bitcoin traders, companies and other users to rely on a credible reference rate price source," said Sandra Ro, executive director and digitization lead at CME Group, in a statement.
Regulated bitcoin derivatives
An oversight committee for the BRR comprised of members of the CME Group, Crypto Facilities and Imperial College London will develop a code of conduct for participants and review the practices and standards.
In February 2015, Schlaefer – a former Goldman Sachs trader – launched his own bitcoin derivatives market, Crypto Facilities, authorized and regulated by UK regulatory body, the Financial Conduct Authority.
Importantly, to those looking to create a bitcoin derivatives market on a larger scale, the CME benchmarks are designed to be compliant with the International Organization of Securities Commissions (IOSCO) principles for financial benchmarks.
The two products are planned to launch in the fourth quarter of 2016.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
How Much Longer Until We Consider the Bitcoin Power Law Model Invalid?
As the gap between spot bitcoin price and the power law widens, investors are left questioning whether mean reversion is coming or if another cornerstone model is approaching its end.
What to know:
- Bitcoin has largely tracked its long standing power law trend this cycle, though it now trades about 32% below the model.
- Earlier models like stock to flow have already failed, with its current implied valuation near $1.3 million per bitcoin
Top Stories
