Hong Kong Stock Exchange to introduce price indices for bitcoin and ether next month
Quick Take
- Hong Kong Exchanges and Clearing Ltd. announced that the “HKEX Virtual Asset Index Series” will go live on Nov. 15.
- The new indexes are expected to provide a single reference price for bitcoin and ether during the Asian time zone.
Hong Kong Exchanges and Clearing Ltd., or HKEX, announced today the upcoming launch of its crypto price indexes, which will offer a “reliable benchmark for a fast-emerging asset class.”
The “HKEX Virtual Asset Index Series” will go live on Nov. 15, aiming to provide a single reference price for crypto assets like bitcoin and ether during the Asian time zone, according to its statement. It will include separate reference indexes for bitcoin and ether and individual reference rates for both cryptocurrencies.
“We are delighted to introduce the HKEX Virtual Asset Index Series to meet the region's growing demand for this fast-emerging asset class,” said Bonnie Y Chan, CEO of HKEX. “By offering transparent and reliable real-time benchmarks, we seek to enable investors to make informed investment decisions, which will in turn support the development of the virtual asset ecosystem and reinforce Hong Kong's role as an international financial center.”
The HKEX explained that the reference index is based on the 24-hour volume-weighted reference spot prices of bitcoin or ether, using data aggregated from top crypto exchanges. The index will be denominated in U.S. dollars.
The publicly traded market operator said that this index series will be administered by CCData, a UK-registered benchmark creator, and will comply with EU benchmark regulation.
In April, HKEX listed Asia’s first spot crypto exchange-traded funds. However, these ETFs have shown seemingly lackluster interest from investors. The total daily trading volume for the three spot bitcoin ETFs was $741,030 on Friday, down from $4.73 million on Oct. 16, their peak this month.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.