Hong Kong Exchanges and Clearing (HKEX), the operator of Asia’s third-largest stock exchange, will launch a virtual asset index series to offer a reliable price benchmark for cryptocurrencies to support the city’s bid to become a leading digital assets hub.<\/p>\n
The HKEX Virtual Asset Index Series will offer benchmarks for bitcoin and ether pricing in Asian time zones, according to an HKEX statement on Monday.<\/p>\n
The gauges, which will be launched on November 15, aim to address the fragmented pricing of virtual assets by providing investors with a single and reliable price reference, as these assets often see pricing discrepancies across global exchanges, the statement said.<\/p>\n
The index series will meet the region’s growing demand for emerging digital assets, Bonnie Chan Yiting, CEO of HKEX, said in the statement.<\/p>\n
HKEX is the operator of Asia’s third-largest stock exchange. Photo: Dickson Lee alt=HKEX is the operator of Asia’s third-largest stock exchange. Photo: Dickson Lee><\/em><\/p>\n “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,” she said.<\/p>\n The index series will feature a reference index and reference rate for bitcoin and ether. The reference index, a 24-hour volume-weighted spot price, will aggregate data from top-tier exchanges, delivering real-time US dollar-denominated pricing. The reference rate will support financial product settlement calculated daily at 4pm Hong Kong time.<\/p>\n The initiative marks Hong Kong’s first EU Benchmarks Regulation-compliant virtual asset index, with UK-based data and index provider CCData serving as the official administrator, according to HKEX.<\/p>\n The move aligns with Hong Kong’s policy to foster a robust ecosystem for virtual assets.<\/p>\n Earlier this month, Hong Kong’s securities regulator approved HKVAX, the city’s third\u00a0cryptocurrency\u00a0exchange.<\/p>\n