What Are xStocks Indices?
xStocks Indices is the benchmark product in the CF Benchmarks xStocks suite. It provides regulated, independently governed, (real-time) benchmark prices for supported xStocks across approved trading venues.
The product is purpose-built for the xStocks market rather than the underlying cash equity market. It reflects xStocks venue trading, making it the native reference layer for tokenised equity market participants and use cases.
Coverage
Benchmark Coverage
| Asset | Asset Name | Price Return RTI | Price | 24H | Trendline | Total Return RTI |
|---|
Total return variants, reference rates, and portfolio indices coming soon ...
Applications
Use Cases
Perpetual futures
Reference prices for mark, settlement, and market operations where xStocks need a dependable benchmark layer anchored in venue trading.
Options and structured products
Benchmark inputs for strike-setting, valuation, settlement design, and other xStocks-linked derivatives workflows.
Margin and lending
A regulated market reference for collateral valuation, monitoring, and other workflows that sit around xStocks inventory or exposure.
Treasury, valuation, and operations
A benchmark layer for internal valuation, client reporting, wrappers, treasury processes, and other operational workflows.
Mechanics
Methodology
xStocks Indices use the same real-time benchmark design discipline that underpins the wider CFB suite, but apply it to the specific structure of the xStocks market. The methodology is designed to capture approved xStocks venue trading, normalise venue inputs, and publish a dependable benchmark layer that reflects how the xStocks market actually trades in practice.
Step 1
Capture approved venue order books
Every second, we retrieve relevant xStocks spot order books from approved venues and apply the standard CFB data-quality framework to stale or unreliable inputs.
Step 2
Normalise market conventions
We normalise venue inputs onto a common basis before aggregation so the benchmark publishes consistent series.
Step 3
Build a consolidated market view
The remaining books are combined into a consolidated order book using the same benchmark design principles that underpin the wider CFB real-time index suite.
Step 4
Publish benchmark variants
The output is a regulated xStocks benchmark family that can be used for reference pricing, settlement, mark pricing, valuation, and broader product design.
Conventions
Price Return and Total Return
xStocks markets do not all express corporate action effects in the same way, and downstream use cases that rely on xStocks Indices may need one representation or the other depending on the product design. We normalise those market conventions into clean Price Return and Total Return benchmark feeds.
Price return (PR)
PR tracks the quoted xStock price path in sync with the corresponding TradFi price. It is generally the natural benchmark where products want to mirror the observable market price and handle corporate action effects outside the benchmark itself.
Total return (TR)
TR absorbs corporate action effects into a continuous series. It can be more useful where a smoother return path or operational simplicity matters more than matching the quoted PR path exactly.
Companion product
Add Corporate Actions Handling
Data product
xStocks Corporate Actions Data Feed
A companion operational product for teams that want confidence around xStocks corporate actions without building the full handling workflow from scratch.
Explore the CA Data FeedDocs
Documentation and Governance
Contact information
For more information about our indices and to explore licensing opportunities send us a message and we will come back to you as soon as possible.
Or reach us directly
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