IPC Systems Taps CME Group’s Cryptocurrency Price Indexes

With this agreement, IPC Systems will offer its clients with access to data related to CME CF Bitcoin Reference Rate, the reference rate used for the settlement of CME’s Bitcoin futures contracts, and Real-Time Index, which represents current bids and offers of market participants to buy or sell Bitcoin.

The bitcoin products aggregate the trade flow of major spot exchanges during a specific calculation window into a once-a-day, transparent reference rate of the U.S. dollar price of bitcoin.

IPC will also tap CME’s price listing for Ethereum, dubbed the ‘Ether-Dollar Reference Rate’. The derivatives giant’s real time index is calculated by Crypto Facilities based on data gathered from Kraken and Bitstamp, which are major cryptocurrency exchanges based in the US and Luxembourg respectively.

Cryptocurrency legitimization as a financial asset

These product provides institutional-grade resources and real-time ‎information for those trading in cryptocurrency markets through a ‎standardized reference rate and spot price index.‎ It was designed to allow cryptocurrency traders, companies and other users to rely on a credible reference rate price source

CME Group is a Chicago-based financial company that owns and operates financial derivatives exchanges in Chicago and New York. It has a market capitalisation of $54.6 billion.

IPC helps firms trade faster, scale their businesses and have greater liquidity. Connexus Cloud integrates sell-side and buy-side firms, inter-dealer brokers and other firms connecting several market participants in 60 different countries.

According to Mike Smith, Director Global Exchange Relations Management at IPC, “the cryptocurrency market is robust and growing. It represents approximately 10 percent of the $5 trillion traded globally in FX every day. Given continued investor interest in this fast-developing sector, we are making even more real-time data and information available to financial market participants to help inform their cryptocurrency strategies.”