CME Group and CF Benchmarks Introduce Ripple, Internet Computer Indices

Chicago Mercantile Exchange (CME) Group and CF Benchmarks will offer new reference rates and real-time indices for Ripple (XRP) and Internet Computer (ICP), starting July 29.

According to a July 11 announcement made by the CME Group, CF Benchmarks will publish these new indices daily to deliver accurate and reliable pricing information for Ripple and Internet Computer to a broad range of market participants.

CME to Bring Indices for XRP and ICP

The new benchmarks will rely on pricing data from top cryptocurrency exchanges and trading platforms included in the CME CF Benchmark suite. Each benchmark will be calculated using data from at least two of these exchanges.

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XRP ETF: CME Group Adds XRP Reference Rate.

CME Group's launch of XRP reference rates has fueled speculations about a potential XRP ETF, as experts highlight its significance for regulatory approval.

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The exchanges providing the pricing data include Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital.

“These new benchmarks are designed to provide clear and transparent pricing data to a broad range of market participants, allowing them to more accurately value portfolios or create structured products,” said CME Group Global Head of Cryptocurrency Products Giovanni Vicioso.

“With 24 cryptocurrencies in our suite of CME CF References Rates and Real-Time Indices, we will provide pricing data across more than 93% of the investible cryptocurrency market capitalization, helping clients everywhere to better manage their risk,” stated Vicioso.

Sui Chung, CEO of CF Benchmarks, indicated that the new reference rates and indices will be held to the same rigorous standards as other benchmarks in the CME CF Single Asset Series. This would ensure clients’ confidence when engaging with these new assets.

Potential Regulated Bitcoin Trading Services

In May, CME was reportedly in talks with crypto traders about creating a regulated marketplace for Bitcoin trading.

If finalized, CME’s Bitcoin trading platform could be offered through EBS, a Swiss currency trading platform known for its strict crypto regulations. This addition would complement CME’s existing Bitcoin futures and facilitate “basis trades” for investors.