Listen up, folks! CME’s been watching the clock and noticed something interesting. You see, a good chunk – nearly half – of their crypto trades weren’t happening during the usual U.S. business hours. And guess what? A whopping 11% of it was coming straight from Asia Pacific! Talk about catching the crypto wave from the other side of the world!
Now, CME Group isn’t just sitting around twiddling their thumbs. They’re hopping on this trend like a surfer catching the perfect wave. They’re joining forces with the hotshots over at CF Benchmarks. Together, they’re gearing up to roll out Bitcoin and Ether reference rates, specially tailored for our friends in the Asia Pacific region. And the big day? Circle Sept. 11 on your calendars, because that’s when the magic happens.
Now, you might be scratching your head and thinking, “Reference rates? What’s the big deal?” Well, in the crypto world, these rates are a big deal. They’re like the North Star for pricing, guiding the settlements of those super cool crypto futures contracts. And get this: from Sept. 11, if you’re hanging out in Asia and into crypto, you’ll get these rates fresh out of the oven at 4 pm Hong Kong time. How cool is that?
But wait, there’s more! CME already had some rates up their sleeves, but they were, well, a tad more convenient for our buddies in New York and London. But hey, it’s a big world out there, and CME’s making sure everyone gets a slice of the pie.
CME CF APAC Bitcoin and Ether Reference Rates launch Sept. 11, providing daily prices at 4 p.m. HKT and SGT and complementing existing London and New York time rates. https://t.co/j3r7yCfe45 pic.twitter.com/6tOadpk51M— CME Group (@CMEGroup) August 17, 2023
Giovanni Vicioso, the big cheese of CME’s crypto products, spilled the beans that a solid 37% of their crypto action happened when Uncle Sam was asleep, with 11% being the handiwork of the APAC region. Now that’s something to talk about over your next coffee break!
And if you thought that was the end of the story, think again. CME and CF have been busy bees, working on reference rates and snazzy real-time indexes for some other up-and-coming stars like Axie Infinity Shards (AXS), Chiliz (CHZ), and Decentraland (MANA).
Not to mention, these guys have a keen eye for detail. They’re pooling info from the big players – think Bitstamp, Coinbase, and the likes – aiming to give everyone the most accurate and fair price. It’s all about making sure those futures contracts, like CME’s Bitcoin and Ether ones, have a smooth landing.
And let’s not forget, places like Hong Kong and Singapore are laying out the red carpet for crypto businesses. They’re giving them the green light with clear rules and regulations. Institutions? They’re watching, and they’re ready to dive right in!
So there you have it. The crypto world’s buzzing, and CME Group’s making waves. Stay tuned, ’cause things are about to get even more exciting!