HKEX To Launch Reliable Benchmarks for Bitcoin and Ether Pricing in the Asian Time Zone

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As a seasoned analyst with over two decades of experience in the financial industry, I find the upcoming launch of HKEX Virtual Asset Index Series to be a significant and exciting development. Having witnessed the rise and fall of various asset classes throughout my career, it’s fascinating to see digital assets gaining traction and being recognized by a reputable institution like HKEX.

Hong Kong Exchanges and Clearing Ltd (HKEX) has declared plans to debut its HKEX Digital Asset Index Series, signifying a significant advancement in the evolution of this burgeoning asset category and further cementing Hong Kong’s position as Asia’s premier hub for digital assets.

On November 15, 2024, the Index Series is scheduled to launch, offering clear benchmarks for both Bitcoin and Ether, designed to cater specifically to the Asian trading window. This project’s purpose is to offer a reliable point of comparison for virtual assets, addressing the price discrepancies that occur among different international exchanges.

Bonnie Y Chan, chief executive officer of HKEX, showed enthusiasm for the upcoming launch, emphasizing that it caters to the growing need for dependable data in the digital asset sector. This new series is designed to provide precise and real-time benchmarks, with the goal of assisting investors in making well-informed decisions, thereby promoting the expansion of the digital asset market and enhancing Hong Kong’s standing as a global financial powerhouse.

As an Analyst, I am involved in the development of the Virtual Asset Index Series, which aligns with HKEX’s broader strategic initiatives. This project aims to tap into related opportunities, thereby strengthening Hong Kong’s fintech sector and providing essential benchmarking tools tailored to a rapidly changing market landscape.

In this series, you’ll find the current market price and daily settlement value for Bitcoin and Ether. The Market Price, which is based on a 24-hour volume-weighted average from leading cryptocurrency exchanges, will be updated in real-time in US dollars. Additionally, the Daily Settlement Value, determined at 4:00 PM Hong Kong time, will serve as a benchmark for financial transactions involving these digital assets.

In Hong Kong, the HKEX Virtual Asset Index Series marks the debut of a first-of-its-kind index adhering to the standards set by the EU Benchmark Regulation (BMR). This series will be overseen and computed by CCData, a UK-based administrator known for digital asset benchmarks, which is owned by CoinDesk.

On LinkedIn, I recently affirmed my position as the Calculation Agent and Administrator for the HKEX Virtual Asset Index Series. In this role, I’m committed to leveraging our proven Exchange Benchmark methodology. This approach is meticulously crafted to deliver both real-time and end-of-day (EOD) reference rates. These rates are underpinned by a robust data selection process, ensuring their reliability.

The indices found within the series are the Hong Kong Exchanges and Clearing (HKEX) Bitcoin benchmark index, HKEX Ether benchmark index, HKEX Bitcoin reference rate, and HKEX Ether reference rate. CCData emphasized that this endeavor aims to provide accurate data, increasing transparency for the Asian cryptocurrency market and expanding investment opportunities in the region.

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2024-10-28 14:20