In a recent and brief post shared by global derivatives marketplace, Chicago Mercantile Exchange (CME), it has been revealed that their next endeavor will be to change the Ether-dollar Reference rate. Said changes are done to “bring confidence to any trading strategy.”
According to the claims made, CME’s experience with their Bitcoin reference rate and real-time index to the market is what encouraged them to launch one regarding the ether-dollar reference rate.
Some of the cryptocurrency exchanges that have on boarded this mission include the likes of Bitstamp, Kraken, and itBit, where the latter three’s role is to provide information regarding pricing to CME’s market.
The Ether reference rate and real-time index were last updated on Saturday, July 6 as being $291.02 and $292.36 respectively.
News outlet, The Block, also published a post regarding said changes and an unnamed source was quoted suggesting that CME may move towards offering futures contracts.
“I think this is prep for an Ether future. They have to improve the robustness of their index.”
Based on the claims made by this individual, the latter is possible given the existence of reliable data. Without it, manipulation of an asset becomes common and this is clearly something investors would want to be away from.
The Block seems to have reached out to CME to hear their sentiments. When asked whether they were considering the likes of futures, the derivatives marketplace provider has since shared that this is merely an attempt to understand the ether index and reference rate.