Ether Pricing Products Frequently Asked Questions

FAQ's

Who is CME Group?

CME Group is the world’s leading and most diverse derivatives marketplace, handling 3 billion contracts worth approximately $1 quadrillion annually (on average). We provide a marketplace for buyers and sellers, bringing together individuals, companies and institutions that need to manage risk or that want to profit by accepting risk. Our exchanges, CME, CBOT, NYMEX, and COMEX, offer the widest range of global pricing products across all major asset classes including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate.

Why is CME Group involved in ether?

CME Group is committed to fostering open standards, diverse participation and cultivating the highest standards and protocols as the cryptocurrency space and digital asset technology evolves.

Our BRR and BRTI have been widely accepted and clients are looking for similar quality reference prices on additional cryptocurrencies. Ether is the second largest cryptocurrency by both market capitalization and daily volume.

These products are designed to allow ether traders, companies and other users to rely on a credible reference rate price source. This is an important step to making ether trading more secure and accessible, and CME Group is proud to lead the way for the nascent industry as digital assets evolve.

What is CME CF Ether-Dollar Reference Rate (ETH_RR_USD)?

The ETH_RR_USD aggregates the trade flow of major ether spot exchanges during a specific calculation window into a once-a-day reference rate of the U.S. dollar price of ether. Calculation rules are geared toward maximum transparency and real-time replicability in underlying spot markets.

When is the CME CF Ether-Dollar Reference Rate (ETH_RR_USD) published?

The ETH_RR_USD will be published between 4 p.m. and 4:30 p.m. London time every day, including weekends and holidays.

What is the CME CF Ether-Dollar Real Time Index (ETH_RTI_USD)?

The ETH_RTI_USD aggregates global demand to buy and sell ether into a consolidated order book that reflects the fair, instantaneous U.S. dollar price of ether. It is geared toward low latency and timeliness and is based on forward-looking input data.

How often is the CME CF Ether-Dollar Real Time Index (ETH_RTI_USD) published

The ETH_RTI_USD will be published approximately once per second of every day, including weekends and holidays.

What kind of oversight is there over the ether pricing products?

An Oversight Committee, consisting of CME Group, Crypto Facilities and leading industry experts will regularly review the methodology and practice standards followed in the new reference rate and index determination process to protect the integrity of the rates and ensure all CME CF Cryptocurrency Indices continue to be representative of the underlying markets.

Where can I find additional information about CME Group ether pricing products?

Get a full description of the offering and other information. [RM1]

 

How can I access the reference data?

There are three ways to access the data:

CME Group website

Market Data Platform (MDP) through channel 213

CME DataMine

Where can I find technical details surrounding the ETH_RR_USD and the ETH_RTI_USD?

For more information on specifications, please visit the CME Cryptocurrency Pricing Data via Streamlined SBE WIKI.

What paperwork is required to be licensed for these products?

All customers are required to sign a Market Data License Agreement (MDLA) to license the CME CF Ether-Dollar Reference Rates and CME CF Ether-Dollar Real-Time Index products.

Is a license agreement with Crypto Facilities or any other party required?

No, customers will license only with CME Group under the MDLA.

Can I receive this data through a third party or do I need to get it from CME Group directly?

Customers can take the data directly from CME Group or they can subscribe to the data through a licensed third-party data provider.

Will the ETH_RR_USD and the ETH_RTI_USD require a separate licensing level entitlement for market data reporting purposes or is this product included under a current Designated Contract Market?

The reference rate and real-time indices require separate licenses and therefore, a separate entitlement for each. Specific reporting and license codes will be communicated at a later time.

If I have already been certified for other streamlined Simple Binary Encoding (SBE) Equity Indices, do I need to certify for ETH_RR_USD and the ETH_RTI_USD data?

No, customers do not need to certify separately.

What are the fees to receive, use and redistribute ETH_RR_USD and the ETH_RTI_USD?

A fee waiver will be in place for all MDLA Schedule 2a defined Data Use Packages and Licenses. Please note that the creation and distribution of derived works using the ETH_RR_USD and the ETH_RTI_USD is not covered under the fee waiver and will require a separate Derived Data License Agreement.

Who will be contributing input data for the ether pricing products?

Read more about the Constituent Exchange Criteria. [RM2]

See a list of Constituent Exchanges. [RM3]

What methodology is being used in calculating the rates?

Details of the methodology can be found on the CME Group Cryptocurrency page[RM4] .

Is historical data available for the new rates?

Yes, once CME Group starts publishing the rates, the rate history (from that point) will automatically become available through our market data channels.

 

 

About CME Group

As the world's leading and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. Comprised of four exchanges - CME, CBOT, NYMEX and COMEX - we offer the widest range of global benchmark products across all major asset classes, helping businesses everywhere mitigate the myriad of risks they face in today's uncertain global economy.

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