CME CF Cryptocurrency benchmarks: frequently asked questions

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The following CME CF benchmarks have joined the suite:

ARB
- CME CF Arbitrum-Dollar Real-Time Index (ARBUSD_RTI)
- CME CF Arbitrum-Dollar Reference Rate (ARBUSD_RR)
NEAR
- CME CF NEAR-Dollar Real-Time Index (NEARUSD_RTI)
- CME CF NEAR-Dollar Reference Rate (NEARUSD_RR)
Ondo
- CME CF Ondo-Dollar Real-Time Index (ONDOUSD_RTI)
- CME CF Ondo-Dollar Reference Rate (ONDOUSD_RR)
- CME CF Ondo-Dollar Reference Rate – New York Variant (ONDOUSD_NY)
DOT
- CME CF Polkadot-Dollar Reference Rate - APAC Variant (DOTUSD_AP)
Sui
- CME CF Sui-Dollar Real-Time Index (SUIUSD_RTI)
- CME CF Sui-Dollar Reference Rate (SUIUSD_RR)

The rates for each are calculated by aggregating trade flow of major cryptocurrency spot exchanges using U.S. dollar prices for the various cryptocurrencies. These are non-tradeable benchmarks.

Cryptocurrency

REFERENCE RATE

TICKER SYMBOL

CALCULATION WINDOW

Bitcoin	CME CF Bitcoin Reference Rate*	BRR	3:00 p.m.-4:00 p.m. London time
	CME CF Bitcoin Real-Time Index	BRTI	Every Second
	CME CF Bitcoin Reference Rate New York Variant*	BRRNY	3:00 p.m.-4:00 p.m. NY time
	CME CF Bitcoin Reference Rate APAC Variant	BRRAP	3:00 p.m.-4:00 p.m. Hong Kong/Singapore time
	CME CF Bitcoin-Euro Reference Rate*	BTCEUR_RR	3:00 p.m.-4:00 p.m. London time
	CME CF Bitcoin-Euro Real-Time Index	BTCEUR_RTI	Every Second
Ether	CME CF Ether-Dollar Reference Rate*	ETHUSD_RR	3:00 p.m.-4:00 p.m. London time
	CME CF Ether-Dollar Real-Time Index	ETHUSD_RTI	Every Second
	CME CF Ether-Dollar Reference Rate New York Variant	ETHUSD_NY	3:00 p.m.-4:00 p.m. NY time
	CME CF Ether-Dollar Reference Rate APAC Variant	ETHUSD_AP	3:00 p.m.-4:00 p.m. Hong Kong/Singapore time
	CME CF Ether-Euro Reference Rate*	ETHEUR_RR	3:00 p.m.-4:00 p.m. London time
	CME CF Ether-Euro Real-Time Index	ETHEUR_RTI	Every Second
Solana	CME CF Solana-Dollar Reference Rate*	SOLUSD_RR	3:00 p.m.-4:00 p.m. London time
	CME CF Solana-Dollar Real-Time Index	SOLUSD_RTI	Every Second
	CME CF Solana-Dollar Reference Rate New York Variant	SOLUSD_NY	3:00 p.m.-4:00 p.m. NY time
	CME CF Solana-Dollar Reference Rate APAC Variant	SOLUSD_AP	3:00 p.m.-4:00 p.m. Hong Kong/Singapore time
Algorand	CME CF Algorand-Dollar Reference Rate	ALGOUSD_RR	3:00 p.m.-4:00 p.m. London time
Algorand	CME CF Algorand-Dollar Real-Time Index	ALGOUSD_RTI	Every Second
ARB	CME CF Arbitrum-Dollar Reference Rate	ARBUSD_RR	3:00 p.m.-4:00 p.m. London time
ARB	CME CF Arbitrum-Dollar Real-Time Index	ARBUSD_RTI	Every Second
Avalanche	CME CF Avalanche-Dollar Reference Rate	AVAXUSD_RR	3:00 p.m.-4:00 p.m. London time
Avalanche	CME CF Avalanche-Dollar Real-Time Index	AVAXUSD_RTI	Every Second
Bitcoin Cash	CME CF Bitcoin Cash-Dollar Reference Rate	BCHUSD_RR	3:00 p.m.-4:00 p.m. London time
Bitcoin Cash	CME CF Bitcoin Cash-Dollar Real-Time Index	BCHUSD_RTI	Every Second
Cardano	CME CF Cardano-Dollar Reference Rate	ADAUSD_RR	3:00 p.m.-4:00 p.m. London time
	CME CF Cardano-Dollar Real-Time Index	ADAUSD_RTI	Every Second
	CME CF Cardano-Dollar Reference Rate APAC Variant	ADAUSD_AP	3:00 p.m.-4:00 p.m. Hong Kong/Singapore time
Chainlink	CME CF Chainlink-Dollar Reference Rate	LINKUSD_RR	3:00 p.m.-4:00 p.m. London time
	CME CF Chainlnk-Dollar Real-Time Index	LINKUSD_RTI	Every Second
	CME CF Chainlink-Dollar Reference Rate New York Variant	LINKUSD_NY	3:00 p.m.-4:00 p.m. NY time
	CME CF Chainlink-Dollar Reference Rate APAC Variant	LINKUSD_AP	3:00 p.m.-4:00 p.m. Hong Kong/Singapore time
Cosmos	CME CF Cosmos-Dollar Reference Rate	ATOMUSD_RR	3:00 p.m.-4:00 p.m. London time
Cosmos	CME CF Cosmos-Dollar Real-Time Index	ATOMUSD_RTI	Every Second
Ether/Bitcoin Ratio	CME CF ETHBTC_USD Reference Rate	ETHBTC_USDRR	3:00 p.m.-4:00 p.m. London time
Ether/Bitcoin Ratio	CME CF ETHBTC_USD Real-Time Index	ETHBTC_USDRTI	Every Second
Filecoin	CME CF Filecoin-Dollar Reference Rate	FILUSD_RR	3:00 p.m.-4:00 p.m. London time
Filecoin	CME CF Filecoin-Dollar Real-Time Index	FILUSD_RTI	Every Second
Internet Computer	CME CF Internet Computer-Dollar Reference Rate	ICPUSD_RR	3:00 p.m.-4:00 p.m. London time
Internet Computer	CME CF Internet Computer-Dollar Real Time Index	ICPUSD_RTI	Every Second
Litecoin	CME CF Litecoin-Dollar Reference Rate	LTCUSD_RR	3:00 p.m.-4:00 p.m. London time
	CME CF Litecoin-Dollar Real-Time Index	LTCUSD_RTI	Every Second
	CME CF Litecoin-Dollar Reference Rate New York Variant	LTCUSD_NY	3:00 p.m.-4:00 p.m. NY time
	CME CF Litecoin-Dollar Reference Rate APAC Variant	LTCUSD_AP	3:00 p.m.-4:00 p.m. Hong Kong/Singapore time
NEAR	CME CF NEAR-Dollar Reference Rate	NEARUSD_RR	3:00 p.m.-4:00 p.m. London time
NEAR	CME CF NEAR-Dollar Real-Time Index	NEARUSD_RTI	Every Second
Ondo	CME CF Ondo-Dollar Reference Rate	ONDOUSD_RR	3:00 p.m.-4:00 p.m. London time
	CME CF Ondo-Dollar Real-Time Index	ONDOUSD_RTI	Every Second
	CME CF Ondo-Dollar Reference Rate – New York Variant	ONDOUSD_NY	3:00 p.m.-4:00 p.m. NY time
DOT	CME CF Polkadot-Dollar Reference Rate	DOTUSD_RR	3:00 p.m.-4:00 p.m. London time
	CME CF Polkadot-Dollar Real-Time Index	DOTUSD_RTI	Every Second
	CME CF Polkadot-Dollar Reference Rate New York Variant	DOTUSD_NY	3:00 p.m.-4:00 p.m. NY time
	CME CF Polkadot-Dollar Reference Rate - APAC Variant	DOTUSD_AP	3:00 p.m.-4:00 p.m. Hong Kong/Singapore time
Polygon	CME CF Polygon-Dollar Reference Rate	POLUSD_RR	3:00 p.m.-4:00 p.m. London time
	CME CF Polygon-Dollar Real-Time Index	POLUSD_RTI	Every Second
	CME CF Polygon-Dollar Reference Rate New York Variant	POLUSD_NY	3:00 p.m.-4:00 p.m. NY time
Stellar Lumens	CME CF Stellar Lumens-Dollar Reference Rate	XLMUSD_RR	3:00 p.m.-4:00 p.m. London time
Stellar Lumens	CME CF Stellar Lumens-Dollar Real-Time Index	XLMUSD_RTI	Every Second
Sui	CME CF Sui-Dollar Reference Rate	SUIUSD_RR	3:00 p.m.-4:00 p.m. London time
	CME CF Sui-Dollar Real-Time Index	SUIUSD_RTI	Every Second
	CME CF Sui-Dollar Reference Rate – New York Variant	SUIUSD_NY	3:00 p.m.-4:00 p.m. NY time
Tezos	CME CF Tezos-Dollar Reference Rate	XTZUSD_RR	3:00 p.m.-4:00 p.m. London time
Tezos	CME CF Tezos-Dollar Real-Time Index	XTZUSD_RTI	Every Second
XRP	CME CF XRP-Dollar Reference Rate	XRPUSD_RR	3:00 p.m.-4:00 p.m. London time
	CME CF XRP-Dollar Real-Time Index	XRPUSD_RTI	Every Second
	CME CF XRP-Dollar Reference Rate New York Variant	XRPUSD_NY	3:00 p.m.-4:00 p.m. NY time
	CME CF XRP-Dollar Reference Rate APAC Variant	XRPUSD_AP	3:00 p.m.-4:00 p.m. Hong Kong/Singapore time

*Used to settle CME Cryptocurrency futures

CME CF Reference Rates and Real-Time Indices are not tradable futures products.

3. What are CME CF Reference Rates?

CME CF Reference Rates aggregate trade flow of major cryptocurrency spot exchanges during specific calculation windows into a once-a-day reference rate of the U.S. dollar price of the respective cryptocurrency. Calculation rules are geared toward maximum transparency and real-time replicability in underlying spot markets.

CME Group is committed to fostering open standards, diverse participation, and cultivating the highest standards and protocols as the crypto currency space and digital asset technology evolves. These products are designed to allow crypto traders, companies and other users to rely on a credible reference rate price source.

Different calculation windows are used to calculate the different reference rates. This allows traders to assess their cryptocurrency price risk more accurately and precisely with timing aligned to their portfolio and region. For example, the BRR and ETHUSD_RR calculate between 3:00 p.m. and 4:00 p.m. London time and publish at 4:00 p.m. London time. BRRNY and ETHUSD_NY calculate between 3:00 p.m. and 4:00 p.m. New York time and publish at 4:00 p.m. New York time. BRRAP and ETHUSD_AP calculate between 3:00 p.m. and 4:00 p.m. Hong Kong/Singapore time and publish at 4:00 p.m. Hong Kong/Singapore time.

CME CF ETHBTC_USD Reference Rate and Real-Time Index represent the number of bitcoins required to purchase one ether. The prices for bitcoin and ether are calculated by aggregating trade flow of major cryptocurrency spot exchanges using U.S. dollar prices for bitcoin and ether. See below for more details on how the reference rates and real-time indices are calculated. These are non-tradable benchmarks.

For some cryptocurrencies, CME Group offers Reference Rates that are calculated at different times throughout the day. Reference rates are calculated from 3:00 p.m. to 4:00 p.m. London time, 3:00 p.m. to 4:00 p.m. New York time and 3:00 p.m. to 4:00 p.m. Hong Kong/Singapore time. For example, the following are offered for Bitcoin:

The CME CF Bitcoin Reference Rate (BRR) and the CME CF Ether-Dollar Reference Rate (ETHUSD_RR) are calculated from 3:00 p.m. to 4:00 p.m. London time and are used to settle Bitcoin, Micro Bitcoin, Ether and Micro Ether futures contracts at CME Group.

The CME CF Bitcoin Reference Rate (BRRNY) and the CME CF Ether-Dollar (ETHUSD_NY) are calculated from 3:00 p.m. to 4:00 p.m. New York time and are not used to settle futures contracts. Both rates utilize the same exact methodology with data from the same Constituent Exchanges.

The CME CF Bitcoin Reference Rate (BRRAP) and the CME CF Ether-Dollar (ETHUSD_AP) are calculated from 3:00 p.m. to 4:00 p.m. Hong Kong/Singapore time and are not used to settle futures contracts. Both rates utilize the same exact methodology with data from the same Constituent Exchanges.

The Euro Reference Rates and Real Time indices are not converted from USD rates. Euro-denominated rates follow the same methodology as the existing rates. See Question 10 below for more on the methodology.

10. When were CME CF Cryptocurrency Reference Rates and Real Time Indices first made available?

*Used to settle CME Cryptocurrency futures.

CME CF Reference Rates and Real-Time Indices are not tradable futures products.

CME CF Reference Rates are a daily reference rate of the U.S. dollar or Euro price of the associated cryptocurrency. The rates represent the aggregated, executed trade flow of the particular cryptocurrency pair on major spot exchanges. All relevant transactions during a specific one-hour calculation window are added to a joint list, recording the trade price and size for each transaction. This one-hour window is then partitioned into 12 five-minute intervals. For each partition, the volume-weighted median trade price is calculated from the trade prices and sizes of all relevant transactions (i.e., across all constituent exchanges). The reference rate is then given by the equally weighted average of the volume weighted medians of all partitions.

These reference rates are utilized for the creation of the Ether/Bitcoin Ratio.

Details of the methodology can be found in the CME CF Cryptocurrency Reference Rates Methodology Guide.

CME Group Cryptocurrency futures settle to the CME CF Reference Rates that are published at 4:00 p.m. London time – specifically:

Bitcoin futures and Micro Bitcoin futures settle to CME CF Bitcoin Reference Rate (BRR).

Bitcoin Euro futures and Micro Bitcoin Euro futures settle to CME CF Bitcoin-Euro Reference Rate (BTCEUR_RR).

Bitcoin Friday futures settle to CME CF Bitcoin Reference Rate New York Variant (BRRNY).

Ether futures and Micro Ether futures settle to CME CF Ether-dollar Reference Rate (ETHUSD_RR).

Ether Euro futures and Micro Ether Euro futures settle to CME CF Ether-Euro Reference Rate (ETHEUR_RR).

SOL futures and Micro SOL futures settle to CME CF Solana-Dollar Reference Rate (SOLUSD_RR).

CME CF Cryptocurrency Real-Time Indices aggregate global demand to buy and sell specific cryptocurrencies into a separate consolidated order book that reflects the fair, instantaneous U.S. dollar price of the respective cryptocurrency. The real-time indices are geared toward low latency and timeliness and are based on forward looking input data.

The rates are published approximately every second of every day, including weekends and holidays.

Note, the publication via MDP may be interrupted during weekend maintenance. Real-time and historical data can also be accessed through the CME Group website and Datamine.

CME CF Cryptocurrency Real-Time Indices are calculated in real-time based on the relevant order books of all constituent exchanges. CME CF Cryptocurrency Real-Time Indices are then determined by the sum of the weighted mid-price volume data. For more information, review the CME CF Cryptocurrency Real-Time Indices Methodology Guide.

*Used to settle CME Group Cryptocurrency futures.

CME CF Reference Rates and Real-Time Indices are not tradable futures products.

There are three ways to access real-time and historical data:

CME Group website
MDP (Market Data Platform)
- Futures through channel 326
- Options through 327
- Pricing data through 213
DataMine

Historical data goes back to the inception of the rates.

All customers are required to sign a Market Data License Agreement (MDLA) to license CME CF Cryptocurrency Reference Rates and CME CF Cryptocurrency Real-Time Index products.

Please note that the creation and distribution of derived works using the Reference Rates and Real Time Indices will require a separate Derived Data License Agreement.

For more information, visit the CME Group Derived Data Services page.

19. Can I receive this data through a third party or do I need to get it from CME Group directly?

Customers can take the data directly from CME Group or they can subscribe to the data through a licensed third-party data provider.

An Oversight Committee, consisting of CME Group, CF Benchmarks, and leading industry experts, regularly review the methodology and practice standards followed in the reference rate and index determination process to protect the integrity of the rates and ensure all CME CF Cryptocurrency Indices continue to be representative of the underlying markets.

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