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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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