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Administrator responsible for the day- to-day operations of the Bitcoin Pricing Products. The BRR is a daily reference rate of the U. Dollar price of one bitcoin as of 4:00 p. It is based on trade execution data observed at various Constituent Exchanges and provided by the Constituent Exchanges to the Calculation Agent in accordance with the policies and procedures of, and in the format prescribed by, the Calculation Agent from time to time. Calculation details are more particularly described in the BRR Methodology Guide. The BRTI is a real time index of the U. It is representative of current bids and offers of market participants to buy or sell bitcoin on major bitcoin trading venues around the world.
It is geared towards timeliness and represents an unbiased estimator of the instantaneous bitcoin price. Calculation details are more particularly described in the BRTI Methodology Guide. All aspects of the administration of the Bitcoin Pricing Products, including taking appropriate emergency actions in unusual and extreme circumstances as discussed below to protect the integrity of the methodology and calculation process, subject to the oversight of the Oversight Committee. Implementing a conflicts of interest policy and associated procedures for the disclosure and assessment of potential conflicts of interest, subject to the approval of the Oversight Committee. Establishing the control, governance and oversight framework, in coordination with its responsibilities as the Calculation Agent, as set forth in these Practice Standards, subject to approval by the Oversight Committee.
Establishing these Practice Standards and reviewing them at least on an annual basis and proposing substantive amendments, as appropriate, to the Oversight Committee for approval. Establishing appropriate monitoring processes and procedures designed to identify any breaches of these Practice Standards and any attempted manipulation or manipulative behavior and reporting any such incidents to the Oversight Committee in a timely manner. Establishing appropriate processes and procedures designed to maintain the integrity and continuity of the Bitcoin Pricing Products as overseen by the Oversight Committee. Establishing appropriate processes and procedures designed to ensure the confidentiality of potentially sensitive information. Documenting the methodology for each of the Bitcoin Pricing Products, subject to approval by the Oversight Committee. Collecting, retaining and securing the underlying data and data feeds used in connection with the Bitcoin Pricing Products calculation process. Establishing appropriate processes and procedures designed to maintain the integrity and continuity of the calculation process.
Developing a commercial model for licensing the values of the Bitcoin Pricing Products in consultation with the Administrator. Distributing the values of the Bitcoin Pricing Products through the CME Market Data Platform. Products and collecting the associated fees on behalf of the Administrator and itself. Maintaining the Bitcoin Pricing Products’ values for distribution of historical data. Providing service for Bitcoin Pricing Products licensing customers.
The Oversight Committee is responsible for reviewing and providing challenge on all aspects of the methodology and calculation process and providing effective oversight of the Administrator as it relates to the Bitcoin Pricing Products. The Constituent Exchanges will make both trade data and order book data available to the Calculation Agent in accordance with the policies and procedures of, and in the format prescribed by, the Calculation Agent from time to time. The Bitcoin Pricing Product Team is responsible for the orderly production of the Bitcoin Pricing Products. In the event where unusual and extreme circumstances occur which could jeopardize the ability of the Bitcoin Pricing Products to track the underlying value of Bitcoin, or where conflicting definitions of Bitcoin exist, the Administrator shall be responsible for recommending the necessary actions and responses to ensure the relevance and integrity of the Bitcoin Pricing Products. Significant circumstances where bitcoin is not fungible between Constituent Exchanges, e.
Constituent Exchanges generally track the underlying value of Bitcoin. Prior to taking action, the Administrator must confirm that the current conditions are unusual and extreme and the taking of the proposed specific action or actions are necessary and prudent to maintain the relevance and integrity of the Bitcoin Pricing Products and receive the joint approval from the CF Member of the Oversight Committee and at least one of the CME Members of the Oversight Committee or their respective designee. After taking one or more actions, the Administrator must notify the Oversight Committee within six hours. The Administrator will timely publish summaries of all actions taken under this section of the Practice Standards on the Administrator’s website.