Kuala Lumpur, Malaysia May 20, 2022 (Issuewire.com) - Kuala Lumpur Commodity Exchange (KLCE), a pioneering commodity exchange that provides exhaustive and convenient access to the Malaysian commodity markets, today announced that it will collaborate with a digital assets trading platform, to develop two new products planned to be launched in the next quarter: KLCE Bitcoin Backing Rate (BBR), which will provide a final settlement price in U.S. dollars, and KLCE Bitcoin Live Index (BLI), which will allow users real-time access to bitcoin prices.
The BBR will aggregate the trade flow of major bitcoin spot exchanges during a specific calculation window into a once-a-day, transparent backing rate of the U.S. dollar price of bitcoin.
The BLI will be calculated by Crypto Facilities and will be based on global demand to buy and sell bitcoin aggregated into a consolidated order book. It will reflect the current market price of bitcoin in U.S. dollar terms and will be published according to a specially designed schedule.
"These products are designed to allow bitcoin traders, companies, and other users to rely on a credible backing rate price source", said Shazar Dhanazam, Executive Director and Digitization Lead at KLCE.org. "Delivering innovative products and services that meet the market's evolving needs is at the core of KLCE's business, and we are proud to lead the way for the industry as digital assets develop."
"The availability of robust backing prices with independent oversight is key to the professionalization of bitcoin trading and further establishes digital assets as a new asset class", said one of the officials from the digital assets trading platform. "We are excited to work with KLCE on the construction and implementation of this backing rate and index."
KLCE will function as a core member of an oversight committee responsible for overseeing the BBR. The oversight committee will develop a code of conduct for participants and regularly review the practices and standards followed in the determination process to protect the BBR's integrity.
"KLCE welcomes this important step in the further development of the use of cryptocurrency in the derivative markets. We are delighted to participate in the oversight committee during this transformational time", said Lee M. Wei-Qian, President and Chief Executive Officer at KLCE.
About Kuala Lumpur Commodity Exchange (KLCE)
KLCE.org is a pioneering commodity exchange that provides exhaustive and convenient access to the Malaysian commodity markets. The Exchange's markets offer clients trading opportunities across a diversified range of asset classes all combined with best-in-class post-trade services. KLCE is the main liquidity and price discovery center for Malaysian markets. KLCE hosts are trading in equities, bonds, derivatives, currencies, money market instruments, and commodities. The Exchange is also a leader in driving the modernization of Malaysia’s financial markets infrastructure and promoting Kuala Lumpur as an international financial center.
Media Contact
Kuala Lumpur Commodity Exchange (KLCE.org) *****@klce.org Menara Carigali, Jalan P. Ramlee, Kuala Lumpur City Centre, Kuala Lumpur https://www.klce.org/
