CME Group and CF Benchmarks have launched two multi-asset crypto indices designed to give institutional investors a broader view of digital-asset market performance beyond Bitcoin and Ether.
The CME CF Crypto Market Index and the CME CF Emerging Crypto Index went live on August 31, 2026, shortly after 10 a.m. London time. The launch marks a shift from single-asset cryptocurrency reference rates toward market-wide benchmarks for performance tracking, risk management and potential structured products.
Key details of the new crypto indices
- The CME CF Crypto Market Index tracks Bitcoin and Ether, weighted by free-float market capitalization.
- The CME CF Emerging Crypto Index excludes Bitcoin and Ether to focus on other digital assets.
- Both indices update approximately every second and use data from regulated exchanges.
- Daily settlement rates are published for London, New York and Asia-Pacific time windows.
- The indices do not settle futures or options contracts.
- CF Benchmarks administers both indices under UK Financial Conduct Authority oversight.
- Eligibility reviews take place twice a year, in June and December.
How the CME CF crypto indices work
The two benchmarks are designed to provide complementary views of the cryptocurrency market. The Crypto Market Index covers the market’s two largest and most established assets, while the Emerging Crypto Index looks beyond them to other eligible digital assets.
CME CF Crypto Market Index
The CME CF Crypto Market Index serves as a broad-market benchmark for Bitcoin and Ether. The two assets are weighted according to free-float market capitalization, a methodology similar to that used by major traditional equity indices such as the S&P 500.
CME CF Emerging Crypto Index
The CME CF Emerging Crypto Index deliberately excludes BTC and ETH. Its purpose is to track a broader group of digital assets outside the two leading cryptocurrencies.
CME Group and CF Benchmarks have previously developed single-asset reference rates for tokens including $XRP and $ICP. The emerging-market index is intended to provide exposure to the wider group of assets that sit beyond Bitcoin and Ether.
Data sources, updates and eligibility reviews
Both indices use constituent data from regulated exchange sources and update approximately every second. They operate continuously throughout the year, while daily settlement rates are published during three regional windows covering London, New York and Asia-Pacific trading hours.
Constituent eligibility can change over time. Semi-annual reviews held each June and December determine which tokens qualify for inclusion, using the CF Investible Universe, a standardized eligibility framework that CF Benchmarks also applies to its single-asset products.
Testing for both indices began on August 24, 2026, one week before the public launch. The testing period allowed CME Group and CF Benchmarks to validate their data feeds before the benchmarks went live.
Why the launch matters for institutional crypto markets
CF Benchmarks administers the indices under the oversight of the UK’s Financial Conduct Authority. That regulatory framework is important for institutional investors, asset managers, pension funds and ETF issuers evaluating whether a benchmark is suitable for use in financial products.
The new indices extend the partnership between CME Group and CF Benchmarks, which began with Bitcoin reference rates and later expanded to single-asset benchmarks for cryptocurrencies such as $XRP and $ICP. The multi-asset products represent the next stage in that development, offering institutional-grade data for measuring broader crypto-market performance.
A single-asset reference rate shows the value of one cryptocurrency at a particular time. A market-wide index answers a different question by showing how a broader segment of the asset class is performing. That distinction can help portfolio managers assess allocations and compare crypto performance against other investments.
The indices are not currently used to settle futures or options contracts. Instead, they are designed for performance measurement and risk management, with possible future applications in structured products such as exchange-traded funds.
Frequently asked questions
What digital assets do the new CME Group indices track?
The CME CF Crypto Market Index includes Bitcoin and Ether. The CME CF Emerging Crypto Index excludes both assets and focuses on other eligible digital assets.
How often do the indices update?
Both multi-asset crypto indices update approximately every second and operate continuously throughout the year.
Are the indices used to settle futures or options contracts?
No. The indices are designed for performance tracking and risk management rather than for settling derivatives contracts.
Who administers the indices?
CF Benchmarks administers both indices under the oversight of the UK Financial Conduct Authority.
