CF Benchmarks, the major cryptocurrency index provider, authorised by the UK FCA, announced that it is adding the market data of LMAX Digital, the leading institutional spot cryptocurrency exchange, to some of its most liquid and referenced benchmarks.
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“The inclusion of other constituent exchanges like LMAX Digital will capture broader market participation and further enhance the robustness of these benchmarks at a time when institutional participants are increasingly using our bitcoin and ether futures and options to trade or hedge spot market price risk.”
Effective May 3, 2022, at 11am London time, LMAX Digital will contribute market data to six cryptocurrency indices provided by CF Benchmarks. These include CME CF Bitcoin Reference Rate (BRR) and CME CF Bitcoin Real Time Index (BRTI), the CME CF Ether-Dollar Reference Rate (EDRR) and CME CF Ether-Dollar Real Time Index (EDRTI), among other cryptocurrency indices. Together, these benchmarks have over $5 billion in assets referenced, the largest of any regulated BTC and ETH indices.
CF Benchmarks underpins 99% of the regulated crypto derivatives market, including the contracts offered by CME Group, as well as some of the largest digital asset products by AUM.
Bringing in LMAX Digital, the premier institutional crypto exchange, will significantly enhance the quality of market data underlying the leading CME CF indices, ensuring the reference rates remain the most accurate and liquid representation of the BTC and ETH transactions.
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“The addition of LMAX Digital as a constituent exchange, given its sizeable share of the institutional market, to some of CF Benchmarks’ most-referenced indices means we can continue to provide the robust, high integrity benchmarks that the cryptocurrency space has become accustomed to, and indeed relies on,” said Sui Chung, CEO of CF Benchmarks.
“We’re pleased with the addition of LMAX Digital to our transparent, regulated bitcoin and ether reference rates and real-time indices, developed in partnership with CF Benchmarks,” said Tim McCourt, Global Head of Equity and FX Products CME Group. “The inclusion of other constituent exchanges like LMAX Digital will capture broader market participation and further enhance the robustness of these benchmarks at a time when institutional participants are increasingly using our bitcoin and ether futures and options to trade or hedge spot market price risk.”
Jenna Wright, Managing Director, LMAX Digital added, “We firmly believe in creating frictionless market access for all institutions wanting to participate in the cryptocurrency ecosystem. The provision of transparent and robust real time pricing data is critical to enhancing market structure, accurate price discovery and ultimately, is what will help to drive real market growth in the adoption of crypto.”
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