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UK broker rolls out 3 new cryptocurrency indices, pitching lower costs than exchange trading

Carol Gaszcz
London-based financial derivatives dealer CMC Markets has announced the launch of three new cryptocurrency indices, Finance Magnates writes. The three "bespoke" indices list a varying selection of "major and emerging" tokens and coins.The post UK broker rolls out 3 new cryptocurrency indices, pitching lower costs than exchange trading appeared first on The Block.

London-based financial derivatives dealer CMC Markets has announced the launch of three new cryptocurrency indices, Finance Magnates writes.

The three "bespoke" indices list a varying selection of "major and emerging" tokens and coins. The goal is to offer clients “exposure to a bundle of different coins” in a single transaction, helping to reduce trading costs according to the firm's Deputy Chief Executive Officer, David Fineberg.

The first basket - dubbed 'Major Crypto Index' - will include bitcoin, ripple, bitcoin cash, ethereum and litecoin, while 'Emerging Crypto Index' encompasses dash, EOS, monero, NEO, stellar lumens, cardano and TRON. All the above-mentioned tokens will be listed in the third index—the All Crypto Index. The indices have been created in-house so that the company has control over them and can maintain their transparency. 

Fineberg hinted the firm could further expand into the digital assets market, saying it would "continue to...offer...access to instruments which are most appealing for today’s trading community."

Last week, U.S. crypto asset manager Crypto Crescent also released three new indices, tracking groups of privacy and smart contract platform tokens.