Chicago Mercantile Exchange (CME Group) recently announced about introducing Ether-Dollar Reference Rate and Real Time Indexes in partnership with the UK based digital asset exchanger, Crypto Facilities. The new indexes will be providing real-time Ether (ETH) price in US dollars to which all the users will have immediate access.
Crypto Facilities is a popular UK exchanger which specializes in crypto futures. The official announcement by CME Group stated that the rates on CME CF Ether-Dollar platform will provide a standardized reference rate and spot price index. As it was reported, the rates will be calculated by Crypto Facilities, which with take the activity and further information of transactions in the cryptocurrency on such exchange platforms as Bitstamp and Kraken, as the main base for its estimations. It was also reported that an independent committee will be managing the oversight of the products. CME Group stated:
“The products include a spot price index which is called the CME CF Ether Dollar Real Time Index also known as ETH_RTI_USD, and a reference rate called the CME CF Ether Dollar Reference Rate, known as ETH_RR_USD. ETH_RTI_USD is a real time index of the US dollar price of one Ether published once per second 24 hours a day 365 days per year. This index provides real time transparency to the US dollar price of Ether. ETH_RR_USD is a daily reference rate of the US dollar price of one Ether as of 4 p.m. London time…”
Managing Director and Global Head of Equity Products and Alternative Instruments at GME Group, Tim McCourt stated that the new indexes were introduced in order to meet the evolving needs of the marketplace. McCourt also highlighted the great importance of price transparency and a credible price reference source for the Ethereum users.