Hong Kong Exchanges and Clearing Limited (HKEX) has announced the upcoming launch of its HKEX Virtual Asset Index Series, marking a major step in the development of a growing asset class and strengthening Hong Kong’s status as Asia’s leading center for digital assets.
Set to debut on 15 November 2024, the Index Series will deliver transparent benchmarks for Bitcoin and Ether, specifically tailored for the Asian trading period. The initiative aims to provide a consistent reference for virtual assets, addressing variations in prices across global exchanges.
Bonnie Y Chan, CEO of HKEX, expressed excitement about the launch, noting that it responds to the region’s increasing demand for reliable data in the digital asset space. By offering accurate and real-time benchmarks, the series aims to aid investors in making informed decisions, thereby fostering the growth of the digital asset ecosystem and bolstering Hong Kong’s reputation as a global financial leader.
The Virtual Asset Index Series is part of HKEX’s broader strategy to explore related opportunities, advancing Hong Kong’s fintech sector and delivering critical benchmarking tools in an evolving market.
This series will feature both the Reference Index and the Reference Rate for Bitcoin and Ether. The Reference Index will provide a 24-hour, volume-weighted spot price sourced from top-rated digital exchanges and updated continuously in US dollars. Meanwhile, the Reference Rate will serve as a daily reference point for financial product settlements, calculated at 4:00 pm Hong Kong time.
The HKEX Virtual Asset Index Series will be the first of its kind in Hong Kong to comply with the EU Benchmarks Regulation (BMR) standards. The series will be managed and calculated by CCData, a UK-based FCA-regulated benchmark administrator and one of the leading providers of digital asset data and index solutions. On October 16, CoinDesk announced its acquisition of CCData.
In a post on LinkedIn, CCData confirmed its role as the Calculation Agent and Administrator for the HKEX Virtual Asset Index Series, emphasizing the use of its established Exchange Benchmark methodology. This process is designed to ensure that the indices offer both real-time and end-of-day (EOD) reference rates backed by a rigorous data selection procedure.
The indices included in the series are the HKEX Bitcoin Reference Index, HKEX Ether Reference Index, HKEX Bitcoin Reference Rate, and HKEX Ether Reference Rate. CCData underscored that this initiative aims to deliver reliable data, enhancing transparency for the Asian virtual asset market and broadening opportunities for investors in the region.
Featured Image via Pixabay
