The newly announced CME bitcoin price benchmark is a step in the right direction, experts say
Experts believe that the recent
announcement of a Chicago Mercantile Exchange bitcoin price
benchmark is paving the way for the broader adoption of the
The Chicago Mercantile Exchange (CME)
Group announced last week a partnership with digital assets
trading platform Crypto Facilities to develop a bitcoin
reference rate and real time index.
According to the Merc, the CME CF Bitcoin
Reference Rate (BRR) will aggregate the trade flow of several
bitcoin exchanges and publish a reference rate once a day. The
CME CFR Bitcoin Real Time Index (RTI), on the other hand, will
give users real time access to bitcoin prices in dollar terms
once every second.
"It is a classic lifecycle event for a new
asset class to develop a viable, respected price
benchmark. These initiatives will give necessary pricing
certainty to develop new products," Carolyn Jackson, partner at
law firm Katten Muchin Rosenman told FOW.
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