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Apr 16, 2024

Hong Kong's first spot Bitcoin and Ether ETFs are powered by regulated CF Benchmarks indices

Following the stunning success of the first U.S. spot Bitcoin ETFs, with 6 of 9 new funds utilising our flagship methodology for net asset value (NAV) calculation, CF Benchmarks is again at the heart of the latest expansion of institutional crypto adoption, this time in Hong Kong

Two sets of OKs

This comes as Hong Kong's Securities and Futures Commission (SFC) approves several applications to list spot Bitcoin and Ethereum ETF applications - the first global regulator to simultaneously green light exchange traded products investing directly in the two largest cryptoassets by market capitalisation.

Issuers rooted in TradFi:

China Asset Management Co. (HK), the Hong Kong arm of the group with around $260 billion in Assets under Management (AuM), and whose track record stretches back to 1998, when it launched its first closed-ended fund; followed by its first open-ended fund in 2001.

Harvest Global Investments, one of China's longest-established licensed investment management firms, with around $121 billion in AuM.

A partnership between Bosera Asset Management, and HashKey Capital, one of the first five fund management entities established in mainland China, and one of the region's largest digital asset-first investment groups respectively.

  • HashKey Capital, which holds a variety of licences from the SFC, Singapore's MAS, and Japan's FSA.

CF Benchmarks' regulated BTC and ETH Methodology reaches Asia

Underscoring the growing recognition of the need for crypto pricing sources that meet the highest possible standards of reliability, accuracy and market integrity, CF Benchmarks is excited to confirm that all successful HK Bitcoin and Ether ETF applicants are those opting to strike net asset value (NAV) with variants of our flagship Bitcoin and Ether benchmarks respectively.

The successful applicants are the first to deploy Asia Pacific variants of our tried and trusted Bitcoin and Ether indices for listed fund NAV calculation.

BRR and ETHUSD_RR 101

  • Note that CME CF Bitcoin Reference Rate (BRR) and CME CF Ether-Dollar Reference Rate (ETHUSD_RR), and all variants, are regulated by the UK's FCA
  • BRR is the most liquid institutional Bitcoin price, with billions of dollars' worth of our clients' products referencing the index and its variants in aggregate
  • ETHUSD_RR is also the most demonstrably liquid and most trusted institutional price of Ether, referenced by hundreds of millions of dollars of client products
  • BRR and ETHUSD_RR have settled a combined total of more than $2 trillion in CFTC-regulated CME Bitcoin and Ether options and futures contracts, since 2017
  • BRR and ETHUSD_RR were incepted and have been continuously calculated since November 2016, and May 2018 respectively

Meet BRRAP and ETHUSD_AP

Subsequently, to meet the growing demand for our highest profile regulated reference prices at the traditional Hong Kong and Singapore market closing time, we launched their fully regulated variants for the Asia Pacific region:

CME CF Bitcoin Reference Rate - Asia Pacific Variant (BRRAP)

CME CF Ether-Dollar Reference Rate - Asia Pacific Variant (ETHUSD_AP)

Note, the only difference between BRR and BRRAP, and ETHUSD_RR and ETHUSD_AP, is that BRR and ETHUSD_RR reference prices of Bitcoin and Ether at 4 PM London Time, whilst BRRAP and ETHUSD_AP reference these prices at 4 PM Hong Kong Time.

Aside from those distinctions, BRRAP and ETHUSD_AP are possessed of standards of accuracy, governance, and integrity that are identical to those of their initial variants, in all respects.

This implies a considerable moat of trustworthiness and reliability for all current HK spot Bitcoin and Ether ETF issuers.

What happens next?

Now that all successful applicants have received the SFC's typical confirmation of conditional authorisation, subject to routine conditions - including a 10-day post-notification period - successful firms are set to apply to the official clearing unit of HKEX, Hong Kong's stock market, for final listing approval.

More Information

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The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell any of the underlying instruments cited including but not limited to cryptoassets, financial instruments or any instruments that reference any index provided by CF Benchmarks Ltd. This communication is not intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. Please contact your financial adviser or professional before making an investment decision.


Note: Some of the underlying instruments cited within this material may be restricted to certain customer categories in certain jurisdictions.


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