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CME's bitcoin index provider CF Benchmarks scores FCA license in Europe

Image Credit: Bitcoin News

Mon, 16 Sep 2019, 03:31 am UTC

CF Benchmarks, the Bitcoin index provider of Chicago Mercantile Exchange (CME) Group, has received authorization from the Financial Conduct Authority (FCA) to become a Benchmark Administrator under the European Benchmarks Regulation (EU BMR).

As per an announcement, the company becomes the first cryptocurrency index provider regulated by U.K. financial regulator.

After the BMR is fully implemented on Jan. 1, 2020, financial service firms can utilize the company’s indices in any European financial products. The indexes’ applications involve issuing, trading, and investing in product referencing indices and using them to define portfolio asset allocation, measure fund performance, and determine borrowing rates and contract settlement mechanisms.

We are proud to be the first regulated cryptocurrency index provider to meet the EU BMR’s stringent requirements. The industry can now gain access to regulated, high integrity benchmarks, which will spur innovation, furthering the adoption of digital assets in Europe and beyond,” Sui Chung, the firm’s CEO said.

Notably, Chung made clear to CoinDesk that the license will be maintained even if the U.K. exits the European Union in the coming months.

Even in a Brexit scenario, this particular piece of financial regulation has equivalency status between the U.K. and Europe,” he pointed out.

Last month, Winklevoss-twins founded crypto exchange Gemini became a constituent exchange for the CME’s crypto reference rates. The firm’s market data has been added to eight crypto indices offered by CF Benchmarks. The reference products include four indices and reference rates provided for CME Group, namely, the spot index “CME CF Bitcoin Real-Time Index,” the standardized “CME CF Bitcoin Reference Rate,” “CME CF Ether Real-Time Index,” and “CME CF Ether-Dollar Reference Rate.”

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