October 31, 2024<\/p>\n\n\n\n
By Our Correspondent<\/p>\n\n\n\n
Hong Kong Exchanges and Clearing (HKEX), which operates Asia’s third-largest stock exchange, is set to introduce a series of virtual asset indices designed to provide a dependable price benchmark for cryptocurrencies, thereby bolstering the city\u2019s ambition to establish itself as a premier hub for digital assets. According to a statement released by HKEX on Monday, the Virtual Asset Index Series will deliver benchmarks for the pricing of bitcoin and ether in Asian time zones.<\/p>\n\n\n\n
Scheduled for launch on November 15, these indices aim to resolve the inconsistencies in virtual asset pricing by offering investors a singular and trustworthy price reference, as discrepancies often arise across various global exchanges, the statement noted. Bonnie Chan Yiting, CEO of HKEX, emphasized that the index series will cater to the increasing demand for emerging digital assets in the region. \u201cBy providing transparent and reliable real-time benchmarks, we aim to empower investors to make well-informed investment choices, which will subsequently foster the growth of the virtual asset ecosystem and strengthen Hong Kong\u2019s position as an international financial center,\u201d she stated.<\/p>\n\n\n\n
The index series will include a reference index and a reference rate for bitcoin and ether. The reference index will present a 24-hour volume-weighted spot price, aggregating data from leading exchanges to provide real-time pricing in US dollars. The reference rate will facilitate the daily settlement of financial products, calculated at 4 PM Hong Kong time. This initiative represents Hong Kong\u2019s inaugural virtual asset index compliant with the EU Benchmarks Regulation, with UK-based data and index provider CCData appointed as the official administrator, as per HKEX.<\/p>\n\n\n\n
This development is in line with Hong Kong\u2019s strategy to cultivate a robust virtual asset ecosystem.<\/p>\n","protected":false},"excerpt":{"rendered":"
October 31, 2024 By Our Correspondent Hong Kong Exchanges and Clearing (HKEX), which operates Asia’s third-largest stock exchange, is set to introduce a series of virtual asset indices designed to provide a dependable price benchmark for cryptocurrencies, thereby bolstering the city\u2019s ambition to establish itself as a premier hub for digital assets. According to a […]<\/p>\n","protected":false},"author":4,"featured_media":6596,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-6594","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uncategorized"},"yoast_head":"\n