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CF Benchmarks

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FCA-registered crypto benchmark administrator — the BRR and BRTI indices that settle CME futures, ETFs and Kalshi BTC contracts.

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Best for
Regulated, audit-trail crypto reference prices that exchanges and ETFs can underwrite
Track record
BRR settles CME crypto futures since 2016 + most US spot BTC ETFs
as of Jun 2026 · source
Used by
Kalshi

How it works

1
Constituent panel
A defined panel of major regulated spot crypto exchanges (Kraken, Coinbase, Bitstamp, LMAX Digital, itBit, etc.) submits trade and order data.
2
Window aggregation
During a fixed calculation window — one second for RTI variants, one hour for RRs — CF Benchmarks aggregates the data with a published, replicable methodology.
3
Publication
The index value is published; downstream products (CME futures, ETFs, Kalshi event contracts) use it as the official settlement / resolution price.
4
Governance
Methodology, dispute resolution and constituent changes follow the UK Benchmarks Regulation governance regime CF Benchmarks is authorised under.

Why prediction markets use it

  • Only benchmark family that is both UK-BMR-authorised AND broadly accepted across regulated derivatives, ETFs and US event-contract venues — useful for products that need a defensible price source.
  • Two cadences off one panel: BRR / BRRNY for daily / hourly settlement, BRTI for sub-minute markets — same publisher, same panel, same methodology.
  • Independent of any single exchange even though Payward (Kraken) owns the administrator entity; constituent panel includes multiple competing venues.

Used by

Kalshi
The first CFTC-regulated event-contract exchange in the US.

History

  1. 2016 CME Group launches BTC futures, settled to the CME CF Bitcoin Reference Rate (BRR) — the first regulated crypto index in production use.
  2. 2017 CF Benchmarks Ltd registers separately as a UK benchmark administrator.
  3. 2020 FCA grants Benchmark Administrator authorisation under UK BMR.
  4. 2021 Payward (Kraken) acquires CF Benchmarks.
  5. 2024 BRRNY (New York fixing) used as settlement source for the first US-listed spot Bitcoin ETFs.
  6. 2025 Kalshi adopts BRRNY for its hourly BTC markets and BRTI for sub-hourly variants.

Chains supported

Off-chain (centralized index publication consumed by exchanges)

About

CF Benchmarks is the digital-asset index provider behind the CME CF Bitcoin Reference Rate (BRR), the New York fixing variant (BRRNY), the per-second CME CF Bitcoin Real Time Index (BRTI), and the ether equivalents (ETHUSD_RR, ETHUSD_NY, ETHUSD_RTI). Indices aggregate trade or order data from a panel of major regulated spot crypto exchanges during fixed calculation windows. The methodology, publication schedule and dispute process are governed by the UK Benchmarks Regulation; CF Benchmarks holds the corresponding FCA authorisation as a Benchmark Administrator. Customers include CME Group (BTC/ETH futures + options settlement), most US spot Bitcoin ETFs, and Kalshi (hourly BRRNY-settled BTC markets + per-second BRTI for tighter expiries).

Primary source
CF Benchmarks — Official site · verified 2026-06-22