CF Benchmarks has reportedly added Bullish as Constituent Exchange for the “trusted” institutional Bitcoin index, CME CF Bitcoin Reference Rate.
Bullish Exchange has officially joined a select list of “rigorously” vetted, “high-integrity,” Constituent Exchanges for CME CF Bitcoin Reference Rates
CF Benchmarks, the UK FCA-regulated benchmark administrator and the indices provider for cryptocurrencies, announced it is adding market data from Bullish Exchange to its full suite of bitcoin benchmarks.
Effective Dec 30, 2024, Bullish Exchange will begin contributing market data to the following: the CME CF Bitcoin Reference Rate (BRR), CME CF Bitcoin Reference Rate – New York Variant (BRRNY), the CME CF Bitcoin Reference Rate – Asia Pacific Variant (BRRAP) as well as the CME CF Bitcoin Real Time Index (BRTI).
Sui Chung, CEO of CF Benchmarks said that adding Bullish Exchange as a constituent exchange will further “improve the representativeness and integrity of CF Benchmarks’ bitcoin benchmarks.”
Chung added that the approval of the spot bitcoin ETFs in the US and Hong Kong has led to “a sizable increase in the Assets under Reference (AuR) of CF Benchmarks.” They look forward to continue “providing the robust and high integrity benchmarks that investors have come to rely on.”
Giovanni Vicioso, CME Group Global Head of Cryptocurrency Products said that the CME CF Bitcoin Reference Rate has been “providing transparent, regulated bitcoin pricing to the crypto marketplace for nearly a decade.”
Vicioso added that since the introduction of the first Bitcoin futures contract from CME Group in 2017, “through the advent of today’s spot Bitcoin ETFs, our suite of bitcoin reference rates and real-time indices has helped to create a highly liquid, trusted market.” They welcome the addition of Bullish Exchange as a spot price data provider and look forward to “providing investors with the risk management tools they need to navigate the ever-evolving crypto market.”
Tom Farley, CEO of Bullish said that being included as a price input for CF Benchmarks’ reference rate suite “is a testament to the trust and reliability that Bullish Exchange has built as a trading platform.”
As noted in the update, CF Benchmarks is the regulated cryptocurrency index provider.
Authorized and regulated by the UK Financial Conduct Authority under the UK Benchmarks Regulation. CF Benchmarks is on the FCA Benchmarks Register.
Benchmark indices are provided through replicable public methodologies and transparent governance, for “tracking, valuing and settling risk in cryptocurrency products and services.”
CF Benchmarks’ indices are integrated into crypto products by assets.
This includes six out of the 11 spot bitcoin ETFs in the US (IBIT, ARKB, EZBC, BITB, BRRR & BTCW) and “99% of the regulated crypto derivatives market, including crypto derivatives offered by CME Group.”
In total, more than $60bn of assets are referenced to CF Benchmarks indices.
With a sharp focus on developing products for the digital assets sector, Bullish has “rewired the traditional exchange to benefit asset holders, enable traders and increase market transparency.”
Supported by the group’s treasury, Bullish’s centralized exchange combines a high-performance central limit order book (CLOB) with automated market making technology to deliver liquidity and tight spreads – “all within a compliant and regulated framework.”
The exchange is reportedly available in 50+ select jurisdictions in Asia Pacific, Europe, Africa, and Latin America.
Bullish operates as a “full-reserve exchange, and prioritizes compliance and safeguarding customer assets through robust security measures and regulatory oversight.”
Bullish exchange is operated by Bullish (GI) Limited and is regulated by the Gibraltar Financial Services Commission.
