Mar 31, 2022
CF Benchmarks adds LMAX Digital as Constituent Exchange for CME CF Bitcoin Reference Rate, and CME CF Ether-Dollar Reference Rate
LMAX Digital will provide market data to six regulated crypto indices, calculated and administered by CF Benchmarks
London, 31 March 2022 – CF Benchmarks has today announced it is adding the market data of LMAX Digital, the leading institutional spot cryptocurrency exchange and custodian, to some of its most liquid and most referenced benchmarks.
Effective May 3, 2022, at 11am London time, LMAX Digital will contribute market data to six cryptocurrency indices provided by CF Benchmarks.
These include the CME CF Bitcoin Reference Rate (BRR) and CME CF Bitcoin Real Time Index (BRTI), the CME CF Ether-Dollar Reference Rate (ETHUSD_RR) and CME CF Ether-Dollar Real Time Index (ETHUSD_RTI), among other cryptocurrency indices.
Together, these benchmarks have over $5 billion in assets referenced, the largest of any regulated BTC and ETH index.
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. The first Bitcoin futures ETF to launch in the US settles against indices powered by CF Benchmarks.
Bringing in LMAX Digital will further enhance the quality of market data underlying the CME CF BRR and BRTI, ensuring the reference rates remain the most accurate and liquid representation of the underlying market for Bitcoin-USD transactions.
“Adding LMAX Digital as a constituent exchange 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.”
About CF Benchmarks
CF Benchmarks is the leading provider of cryptocurrency benchmark indices, authorised and regulated by the UK FCA under the EU BMR. Composed of market data from six constituent exchanges, its benchmark indices are provided through public methodologies and transparent governance, for tracking, valuing and settling risk in cryptocurrency financial services and products. CF Benchmarks’ indices have been used to settle over $500bn of cryptocurrency derivative contracts listed for trading by CME Group and Kraken Futures.
About LMAX Digital
LMAX Digital is a regulated institutional spot crypto currency exchange, run by the LMAX Group, which also operates several leading FCA regulated trading venues for FX, metals and indices. Based on proven, proprietary technology from LMAX Group, LMAX Digital allows global institutions to acquire, trade and hold the most liquid digital assets, Bitcoin, Ethereum, Litecoin, Bitcoin Cash and XRP, safely and securely.
LMAX Digital delivers complete transparency, open access and a level playing field for all crypto currency market participants, within a secure and trusted trading environment.
LMAX Digital is regulated by the Gibraltar Financial Services Commission (GFSC) as a DLT provider for execution and custody services.
Understand CME CF Bitcoin Reference Rate (BRR) in less than 5 minutes by watching the video below.