Now Live: The Bitcoin Reference Rate and Real Time Index successfully launched November 14.
CME CF Bitcoin Reference Rate (BRR) and CME CF Bitcoin Real Time Index (BRTI), a standardized reference rate and spot price index with independent oversight are accelerating the professionalization of bitcoin trading and further establishing digital assets as a new asset class. BRR and BRTI launched November 14 in the production environment on Simple Binary Encoding (SBE) market data feed.
Several bitcoin exchanges and trading platforms will provide pricing data, including Bitfinex, Bitstamp, GDAX, itBit, Kraken and OKCoin.com (HK)
The BRR aggregates the trade flow of major bitcoin spot exchanges during a specific calculation window into a once-a-day reference rate of the U.S. dollar price of bitcoin. Calculation rules are geared toward a maximum of transparency and real-time replicability in underlying spot markets.
CME Group and Crypto Facilities Ltd. designed the BRR around the IOSCO Principles for Financial Benchmarks.
The independent oversight committee is responsible for overseeing the scope of the Bitcoin Reference Rate by developing a code of conduct for the participants and regularly reviewing the practice, standards and definition of the reference rate to ensure it remains relevant and retains its integrity.
Andreas M. Antonopoulos
Prof. William J. Knottenbelt
Imperial College London
Dr. Timo S. Schlaefer
Crypto Facilities Ltd.
Genesis Global Trading
The BRTI aggregates global demand to buy and sell bitcoin into a consolidated order book and reflects the fair, instantaneous U.S. dollar price of bitcoin. It is geared toward low latency and timeliness and is based entirely on forward-looking input data.
The BRTI will be published once every second and is suitable for marking portfolios, executing intra-day bitcoin transactions and risk management.
Any complaints or whistleblowing concerns regarding the CME CF Bitcoin Real Time Index or the CME CF Bitcoin Reference Rate may be submitted to: email@example.com.
All claims should include as much detail as possible about the concern to allow for a thorough investigation. Any investigation will be overseen by the Bitcoin Pricing Products Oversight Committee.
To the extent appropriate, a member of the Bitcoin Pricing Products Team will provide an update to the individual who raised the concern.
"An independent, transparent bitcoin reference rate will further professionalize the asset class. We are excited to be a participating exchange." Nejc Kodric, CEO — Bitstamp
"GDAX is proud to provide CME with price data for their newest index. As the largest U.S. based bitcoin exchange, GDAX believes this is an important step for the development of future financial products." — GDAX
"Digital currency has long-needed participation from a company such as CME Group to elevate the asset class to a new level. We are thrilled to be a member of the oversight committee." Michael Moro, CEO —Genesis Global Trading
"We are excited to work with the CME and Crypto Facilities on what we expect will be a leading Bitcoin index." Kevin Wang, VP Product — itBit
"This is an exciting initiative and brings the asset class to a new level. As a market-leading digital asset exchange, Kraken is proud to contribute to the reference rates." Jesse Powell, CEO — Kraken
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