The major derivative exchange in North America – CME Group – has reportedly announced a joint launch of two new tools in cooperation with UK's Crypto Facilities: Ethereum reference rate and ETH-USD index.
According to the press-release, the new tool will give reference rate in the US dollar terms every 24 hours and ETH real-time index. The calculations will be based on transactions and order books of Kraken and Bitstamp platforms.
"The Ether Reference Rate and Real-Time Index are designed to meet the evolving needs of this marketplace...Providing price transparency and a credible price reference source is a key development for users of Ethereum," noted Tim McCourt, Managing Director and Global Head of Equity Products and Alternative Investments at CME Group.
The new indices said to be controlled by the Bitcoin Oversight Committee, which is represented by the experts from CME Group, Crypto Facilities, and other crypto segment players.
With the new instruments, the exchange will get access to ETH futures, that can be a good option for institutional investors as well as can help miners hedge profit in the more effective way.