HKEX to Launch Crypto Price Indexes

Hong Kong Exchanges and Clearing Ltd. (HKEX) announced today the upcoming launch of its crypto price indexes, aimed at providing a reliable benchmark for a fast-emerging asset class.

The HKEX Virtual Asset Index Series will go live on Nov. 15, providing a single reference price for crypto assets like bitcoin and ether during the Asian time zone. The series will include separate reference indexes for both cryptocurrencies and individual reference rates.

“We are delighted to introduce the HKEX Virtual Asset Index Series to meet the region's growing demand for this fast-emerging asset class,” said Bonnie Y Chan, CEO of HKEX. “By offering transparent and reliable real-time benchmarks, we seek to enable investors to make informed investment decisions, supporting the development of the virtual asset ecosystem and reinforcing Hong Kong's role as an international financial center.”

The reference index will be based on the 24-hour volume-weighted reference spot prices of bitcoin or ether, using data aggregated from top crypto exchanges, and will be denominated in U.S. dollars.

This index series will be administered by CCData, a UK-registered benchmark creator, and will comply with EU benchmark regulation.

In April, HKEX listed Asia’s first spot crypto exchange-traded funds (ETFs). However, these ETFs have shown seemingly lackluster interest from investors, with total daily trading volume for three spot bitcoin ETFs recorded at $741,030 on Friday, down from $4.73 million on Oct. 16, their peak this month.