News from asset management data services
Digital asset market and index data provider CryptoCompare has received authorization from the Financial Conduct Authority (FCA) to operate as lead administrator.
Authorization has been granted to CryptoCompare’s data and index subsidiary, CC Data Limited, for CryptoCompare to issue benchmarks for financial instruments, financial contracts and fund performance measurement.
The proprietary collection of benchmarks from market data provider for digital asset pricing, CCCAGG, is based on a 24-hour volume weighted average calculation, time penalty factor, and outlier methodology.
FCA authorization allows service providers to design regulated financial products that are subsequently supported by industry standard digital asset indices, including investment product benchmarks, prices contract settlement, portfolio asset allocation and benchmark rates.
Charles Hayter, CEO of CryptoCompared, explains: âAs digital asset markets continue to grow, it is essential that investors can access highly reliable and accurate benchmarks based on cutting-edge research and methodologies. “
He adds, âOver the past seven years, our pioneering standards have brought rigor and precision to this thriving industry. I am delighted that CryptoCompare has now obtained clearance from the FCA, creating new opportunities for institutional and retail investors to gain exposure to our normative digital asset indices. ”