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CF Benchmarks Adds Gemini as Constituent Exchange to Reference Rate
Traders Magazine Online News, August 20, 2019
CF Benchmarks, the leading cryptocurrency index provider formerly known as Crypto Facilities Indices, announced it is adding the market data of Gemini Trust Company, LLC (Gemini), a cryptocurrency exchange and custodian, to its eight cryptocurrency indices. This includes the CME CF Bitcoin Reference Rate and CME CF Bitcoin Real Time Index, and the CME CF Ether-Dollar Reference Rate and CME CF Ether-Dollar Real Time Index, among other cryptocurrency indices.
Bringing in Gemini, alongside existing constituent exchanges Bitstamp, Coinbase, itBit and Kraken, will further enhance the quality of market data underlying the CME CF BRR and BRTI. This ensures the reference rates remain the most accurate and liquid representation of the underlying market for Bitcoin-USD transactions.
Effective August 30th at 4.30pm London time, Gemini will contribute market data to eight indices provided by CF Benchmarks. Sophisticated professional investors use the CF Benchmarks indices to mark portfolios to market and risk manage their cryptocurrency assets. CF Benchmarks’ indices power some of the most advanced financial products in the cryptocurrency arena including derivatives offered by CME Group.
"Adding Gemini’s market data underscores CF Benchmarks’ ongoing commitment to providing robust, high-integrity indices for the cryptocurrency markets,” said Sui Chung, CEO of CF Benchmarks. “We are delighted to welcome Gemini into a family of products that power sophisticated tools used by institutional and retail investors around the world.”
“We’re pleased with the addition of Gemini data to our bitcoin and ether reference rates and real-time indices,” said Tim McCourt, Managing Director and Global Head of Equity Products and Alternative Investments at CME Group. “This will capture wider market participation and increase the robustness of the pricing indices at a time when customers are increasingly using our bitcoin futures to trade and manage underlying spot market price risk.”
“As part of our mission to build the future of money, we have built an institutional-grade exchange that operates on the principles of security, regulation, and compliance while providing our clients with speed and reliability when trading," said Jeanine Hightower-Sellitto, Managing Director of Operations at Gemini. "We believe our market data is a cornerstone of cryptocurrency markets and we are excited to join the Bitcoin Reference Rate and other indices to help power and enhance these cryptocurrency financial products that are integral to moving our industry forward.”
CF Benchmarks administers and calculates both the CME CF Cryptocurrency Pricing Products and the CF Cryptocurrency Index Family. CF Benchmarks applies proven indexing techniques and methodologies to products unique to the cryptocurrency asset class. This method produces a robust framework with anti-manipulation safeguards to ensure the quality, integrity and reliability of its indices. To learn more about how sophisticated professional investors use the CF Benchmarks indices to manage cryptocurrency assets, please visit www.cfbenchmarks.com.
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