CME Group updating Ether-related index, source said "prep for ETH future"

06 Jul, 2019 | Updated: 06 Jul, 2019
by Fifi Arisandi
CME Group updating Ether-related index, source said prep for ETH future

CME Group is reported to take steps to change their Ether reference rate and the index tied to it on July 15th.

Joining Bitstamp and Kraken, Paxos’ exchange, itBit will provide data for the two financial instruments, while Crypto Facilities will remain to be the indexes’ operator.

An industry source that itBit’s addition is a signal of an upcoming Ethereum-tied futures.

“They have to improve the robustness of their index. I think this is prep for an Ether future,” the anonymous source said.

“Without reliable data, a cash-settled future can be easily manipulated or simply not represent the actual price of the underlying asset,” the person continued.

Moreover, the source added, “It’s the implicit limitation of CME’s cash settled futures — always need market data from spot exchanges.”

Speaking to The Block, CME Group said that they focus on their ETH index and reference rate, without clarifying if the move signals ETH futures in the near future.

Meanwhile, itBit doesn’t reply to any questions nor provides information regarding their becoming one of the data providers for CME Group.

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