Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Monday) the launch of the HKEX Virtual Asset Index Series (Index Series), offering a reliable benchmark for a fast-emerging asset class that supports Hong Kong's development as Asia's leading digital assets hub.

The Index Series, which will go live on 15 November 2024, provides investors with transparent and reliable benchmarks for Bitcoin and Ether pricing in the Asian time zone. It seeks to provide a single reference price for virtual assets, where these assets are often traded at different prices across global exchanges.

HKEX Chief Executive Officer, Bonnie Y Chan, said: "We are delighted to introduce the HKEX Virtual Asset Index Series to meet the region's growing demand for this fast-emerging asset class. By offering transparent and reliable real-time benchmarks, we seek to enable investors to make informed investment decisions, which will in turn support the development of the virtual asset ecosystem and reinforce Hong Kong's role as an international financial centre.”

The launch of the Index Series is part of HKEX's push to explore adjacencies, supporting Hong Kong's fintech development whilst providing investors with essential benchmarking tools and solutions in a constantly evolving market landscape.

The Index Series will consist of the Reference Index for Bitcoin and Ether, respectively, as well as the Reference Rate for Bitcoin and Ether. 

The Reference Index is a 24-hour volume weighted reference spot price of Bitcoin or Ether, using prices aggregated from top-rated virtual asset exchanges, calculated in real-time and denominated in US dollars. Meanwhile, the Reference Rate is designed for the settlement of financial products, calculated daily at 4:00 pm Hong Kong time.

The Index Series, which will be the first EU Benchmarks Regulation (BMR)-compliant virtual asset index series developed in Hong Kong, will be administered and calculated by CCData, a UK-registered benchmark administrator and virtual asset data and index provider.

The Hong Kong SAR Government issued a policy statement on the development of virtual assets in 2022, aiming to build a vibrant sector and ecosystem for virtual assets in Hong Kong. The introduction of the HKEX Virtual Asset Index Series will enhance public understanding of trends and dynamics in the virtual asset investment landscape, by offering real-time data and daily reference prices in the Asian time zone.

More details on the design and calculation methodology of the Index Series will be announced in due course.