Bitcoin Pricing Product Frequently Asked Questions

CME CF Cryptocurrency Indices: Bitcoin Pricing Products Frequently Asked Questions

Looking for information on Bitcoin futures? View our Bitcoin futures FAQ.

1. 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.

2. Why is CME Group involved in Bitcoin?

CME Group is committed to fostering open standards, diverse participation, and cultivating the highest standards and protocols as the crypto currency space and digital asset technology evolves. These products are designed to allow bitcoin traders, companies and other users to rely on a credible reference rate price source. This is an important step to making bitcoin trading more secure and accessible, and CME Group is proud to lead the way for the nascent industry as digital assets evolve.

3. What is CME CF Bitcoin Reference Rate (BRR)?

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 maximum transparency and real-time replicability in underlying spot markets.

4. When is the CME CF Bitcoin Reference Rate (BRR) published?

The BRR will be published between 4PM and 4:30PM London time every day including weekends and holidays.

5. What is the CME CF Bitcoin Real Time Index (BRTI)?

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

6. How often us the CME CF Bitcoin Real Time Index (BRTI) published?

The BRTI will be published approximately every second of every day including weekends and holidays.

7. What kind of oversight is there over the BRR and BRTI?

An Oversight Committee, consisting of CME Group, Crypto Facilities and leading industry experts will regularly review the methodology and practice standards followed in the 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.

8. Where can I find additional information about CME Group’s Bitcoin data products?

A full description of the offering and other information can be found at:  http://www.cmegroup.com/bitcoin

9. How can I access the reference data?

There are 3 ways to access the data:

  • CME Group website
  • MDP (Market Data Platform) through channel 213
  • Datamine

10. Where can I find technical details surrounding the BRR and the BRTI?

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

11. 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 Bitcoin Reference Rates & CME CF Bitcoin Real Time Index products.

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

No, customers will license only with Chicago Mercantile Exchange Inc. under the MDLA.

13. 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.

14. Will the CME CF Bitcoin Reference Rates & CME CF Bitcoin Real Time Index 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.

15. If I have already been certified for other streamlined Simple Binary Encoding (SBE) Equity Indices, do I need to certify for CME CF Bitcoin Reference Rates & CME CF Bitcoin Real Time Index Data?

No, customers do not need to certify separately.

16. What are the fees to receive, use and redistribute CME CF Bitcoin Reference Rates & CME CF Bitcoin Real Time index?

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 BRR and BRTI is not covered under the fee waiver, and will require a separate Derived Data License Agreement.

17. Who will be contributing input data for the Bitcoin reference rates?

Details of the Constituent Exchange Criteria and a list of Constituent Exchanges can be found on the CME Group Bitcoin webpage.

18. What methodology is being used in calculating the rates?

Details of the methodology can be found on the CME Group Cryptocurrency website.

19. Is historical data available for the new rates?

Yes, historical data goes back to the inception of these rates (November 2016) and is 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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