Update To The Constituents Of BNC Indices – (FTX)
The Brave New Coin (BNC) Index Governance Committee has actioned the removal of FTX, FTX US and FTX TR as pricing sources from multiple BNC Index products.
| Pricing Source | Action | Reason |
|---|---|---|
| FTX FTX US FTX TR |
Excluded | Ineligible Pricing Source The listed pricing sources have violated the Pricing Source Eligibility Criteria. Specifically: “(d) Exhibit a track record of uninterrupted customer deposits/withdrawals" Expert Judgment The Index Governance Committee has also observed significant divergence from the cohort across the listed pricing sources, owing to growing market concern for their solvency. |
Prior to this manual intervention, BNC’s robust outlier detection and multi-constituent design were effective in de-weighting divergent constituents from the benchmark.
Affected Indices:
| Index Family | Affected Indices | Excluded Pricing Source |
|---|---|---|
| Liquid Indices | XRP Liquid Index (XRPLX) | FTX (XRP/USD) |
| High Frequency Pricing | All Indices | FTX |
| Aggregated Pricing (GWA/MWA) | All Indices | FTX, FTX.US and FTX TR |
These markets will be excluded with effect from Thursday 10th November, 03:10:00 UTC and complete its 24 hour phase-out period by Friday, November 11th, 2022 at 03:10 am (UTC) with no anticipated disruption.
| Index Name | Nasdaq GIDS Ticker | Reuters Instrument Code |
|---|---|---|
| XRP Liquid Index (XRPLX) | INDEXNASDAQ:XRPLX | XRPINX=BNC |
Please see the below public release for full details on this announcement.
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