CME to launch BTC and ETH reference rates in APAC region
CME Group will launch Bitcoin (BTC) and Ether (ETH) reference rates for the Asia Pacific region. On Aug. 16, CME Group announced it would launch the new reference rates on Sept. 11. 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 The senior director for digital currency products at CME Group, Giovanni Vicioso, indicated that introducing the latest reference rates aims to address the changing requirements of international players in the expanding digital asset industry. Vicioso pointed out that this year saw nearly 37% of their cryptocurrency trades occur outside U.S. business hours, with a significant 11% originating from the APAC region . He further commented that including APAC reference rates will empower market players to hedge against cryptocurrency price fluc...