In 2016, CME Group and Crypto Facilities Ltd. launched two bitcoin pricing products.

The products include a spot price index called the CME CF Bitcoin Real Time Index (BRTI) and a reference rate called the CME CF Bitcoin Reference Rate (BRR).

The real-time index, BRTI, and the reference rate index, BRR, will both further enhance market participants’ risk management of digital assets by providing credible reference rate and real-time price sources to the marketplace. Both are designed to help accelerate the professionalization of bitcoin trading.

Bitcoin Real Time Index (BRTI)

BRTI is a real-time index of the U.S. dollar price of one bitcoin, published once per second, 24 hours a day, 365 days per year.

This index provides real time transparency to the U.S. dollar price of bitcoin.

Bitcoin Reference Rate (BRR)

BRR is a daily reference rate of the U.S. dollar price of one bitcoin as of 4 p.m. London time.

Each day, the BRR aggregates the trade flow of major bitcoin spot exchanges during a specific one-hour calculation window. This one-hour window is then partitioned into 12, five-minute intervals, where the BRR is calculated as the equally-weighted average of the volume-weighted medians of all 12 partitions.

This BRR calculation ensures tradability and replicability in the underlying spot markets.

Oversight of the CME CF Bitcoin Pricing Products

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.

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