The CME or Chicago Mercantile Exchange group in collaboration with Crypto Facilities, a virtual asset exchange based in London specializing in futures of Bitcoin, have initiated the CME CF Ether-Dollar Reference Rate and Real Time Index. This index will provide users of Bitcoin to gain access to real-time ETH price in American currency.

On a press release shows that CME CF Ether-Dollar rates will give a consistent and uniform reference rate as well as spot price index. Allegedly both rates will be computed through Crypto Facilities. This will be reliant on contracts and Kraken and Bitstamp’s order book movement. Bitstam and Kraken are two of the most renowned crypto exchanges. Chicago Mercantile Exchange Group further comments that” the mistake of the products is handled by an independent committee which sets forth a code of conduct and meets to assess the practice standards.

This product takes account of a spot price index named as CME CF Ether Dollar Real Time Index, called as ETH_RTI_USD and a reference rated known as the CME CF Ether Dollar Reference Rate popularly called as ETH-RR_USD. The CME CF Ether Dollar Real Time Index is a real-time index of the price of US dollar at one ETH published once per second 24 hours a day and 365 days a year. This index offers real-time transparence to the Ether US dollar price. On the other hand, CME CF Ether Dollar Reference Rate is an everyday reference rate of the dollar price of 1 ETH as of 4 in the afternoon UK time…

According to Tim MacCourt, Managing Director and Global Head of Equity Products and Alternative Instruments at GME Group

The CME CF dollar rate and the real time index are intended to meet the growing demands of the marketplace. Offering price transparency as well as credible value reference source is a major development for those who utilize Ethereum.

BTC or Bitcoin futures trading was presented last year by the CME or the Chicago Mercantile Exchange and Chicago Board Options Exchange. A moment ago, Crypto Facilities that is regulated through the Financial Conduct Authority (FCA) in London, presented the first regulated futures agreements for Etherium. The products allegedly will enable investors and traders to take a short or long position on the crypto.

Last year, San Francisco Federal Reserve Bank made an Economic Letter, telling that the price of Bitcoin turns down following its highest value of USD20, 000 was due to the launch of BTC futures trading.