The CME CF Bitcoin Reference Rate (BRR) and the CME CF Bitcoin Real Time Index (BRTI) are a standardized reference rate and a spot price index, respectively. According to CME, the indexes are expected to drive the professionalization of Bitcoin trading and further establish digital assets as a new asset class.
Several trading platforms and Bitcoin exchanges will provide pricing data, including Bitstamp, Bitfinex, Kraken, GDAX, itBit and OKCoin. The BRR aggregates the trade flow of large Bitcoin spot exchanges during a specific calculation window into a daily reference rate of the US dollar price of Bitcoin. The BRTI aggregates global demand to buy and sell Bitcoin into a consolidated order book. It is designed to reflect the instantaneous US dollar price of Bitcoin.
CME Group and Crypto Facilities designed the BRR using the IOSCO Principles for Financial Benchmarks.
An independent oversight committee oversees the BRR by developing a code of conduct for the participants and reviewing the standards, practice and definition of the reference rate to ensure it retains integrity and remains relevant.
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