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CME Group Adds ENA Reference Rates Across London, New York and APAC

Created at 24 Aug · 5:36 PM1 source↑ Market-relevant
IN SHORT

CME Group has expanded its cryptocurrency benchmark suite by adding reference rates for Ethena's ENA token. These rates, administered by CF Benchmarks, will provide standardized pricing across London, New York, and APAC trading sessions starting August 24, catering to institutional needs for valuation and risk management.

Key Numbers

4 p.m.local time for benchmark publication

Who's Involved

CME Group
Provider of cryptocurrency benchmark suite
CF Benchmarks
Administrator of ENA reference rates and indices
Ethena
Issuer of ENA token

↳ Why This Matters

The introduction of standardized ENA reference rates by CME Group provides institutional investors with crucial pricing tools for valuation, settlement, and risk management in a continuously trading market, potentially fostering greater adoption and product development.

Key facts

  • CME Group has launched new reference rates for Ethena's ENA token.
  • The benchmarks are administered by CF Benchmarks and will track ENA prices against the U.S. dollar.
  • Three regional rates will be available: London, New York, and APAC.
  • These rates are designed to provide institutions with separate pricing points aligned with major global trading sessions.
  • The pricing methodology draws from multiple eligible spot exchanges to ensure standardization.

CME Group has enhanced its cryptocurrency benchmark offerings by introducing reference rates for Ethena's ENA token. These new benchmarks, which will be administered by CF Benchmarks, aim to provide standardized pricing for the digital asset across key global trading sessions in London, New York, and the Asia-Pacific region, commencing August 24.

The suite includes three distinct regional rates: ENAUSD RR for the London close, ENAUSD NY for the New York close, and ENAUSD AP for the APAC close. Each rate is scheduled to be published daily at 4 p.m. local time, offering institutions specific pricing points relevant to their operating hours. This daily publication extends to weekends and holidays, acknowledging the 24/7 nature of cryptocurrency markets.

The pricing methodology for these benchmarks will aggregate trading activity from a variety of eligible spot exchanges, rather than relying on a single venue. This approach is intended to establish a consistent reference price suitable for valuation, settlement, and risk management processes. The introduction of ENA benchmarks signifies CME Group's ongoing expansion of its crypto pricing coverage, which already includes major assets like Bitcoin and Ether, as well as other cryptocurrencies such as Solana, XRP, Cardano, Chainlink, and Stellar Lumens.

The regional structure is particularly relevant for digital assets that trade continuously, unlike traditional securities with defined market hours. Asset managers and fund administrators can leverage these reference rates for portfolio valuation and net asset value calculations, while trading desks can utilize the real-time indices for intraday pricing and risk management. The standardized rates are also expected to serve as pricing references for financial products linked to ENA.

Frequently asked questions

Ethena's ENA reference rates are standardized pricing benchmarks provided by CME Group, designed to track the price of the ENA token against the U.S. dollar across different global trading sessions.

The ENA reference rates and associated real-time indices are administered by CF Benchmarks.

These regional rates address the continuous trading nature of cryptocurrencies, allowing institutions to use benchmarks aligned with their specific operating hours and major global trading sessions.

The pricing is derived from trading activity across multiple eligible spot exchanges, ensuring a standardized reference price.

What Happens Next

01ENA reference rates will begin publishing on August 24.
CME Headlines
  • Can Bitcoin's Long-Term Catalysts Overcome Recent Headwinds?
    24 Aug · 3:00 PM
  • Product Modification Summary: Add Offset Eligibility to Bitcoin Futures, Micro Bitcoin Futures, Ether Futures and Micro Ether Futures Contracts — Effective September 14, 2026
    19 Aug · 9:15 PM
  • Amendments to CME Rule 855. (“Offsetting Positions for Different-Sized Contracts”) – Contracts Eligible for Offset Table to Include Bitcoin Futures, Micro Bitcoin Futures, Ether Futures and Micro Ether Futures Contracts
    19 Aug · 7:45 PM

How It Developed

CME Group added Ethena's ENA token to its single-asset cryptocurrency benchmarks.
The new benchmarks include daily reference rates and real-time indices against the U.S. dollar.
Three regional rates will be offered: ENAUSD RR (London close), ENAUSD NY (New York close), and ENAUSD AP (APAC close).
Each benchmark will publish daily at 4 p.m. local time in its respective region.
Pricing will be derived from trading activity across multiple eligible spot exchanges.
The addition expands CME Group's crypto pricing coverage beyond Bitcoin and Ether to include assets like Solana, XRP, Cardano, Chainlink, and Stellar Lumens.

Sources

T1
CME Group Adds ENA Reference Rates Across London, New York and APACCoinGape

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