It’s no secret that the Chicago Mercantile Exchange (CME), the largest commodities market in the US, has confirmed it will add Bitcoin futures trading in the fourth quarter of 2017. Bitcoin price jumped substantially on the news, reaching all-time highs over $7,500.
In order to determine pricing for the exchange, the CME has created the CME CF Bitcoin Reference Rate (BRR) which serves as a once-a-day reference rate of the US dollar price of Bitcoin. This price is set through four exchanges, Bitstamp, GDAX, itBit and Kraken.