Evidence of a market comes from completed, independently funded transactions, not from asking prices.
For eligible trade i, p is its executed price and Q is the quantity of QTC traded. The result is a volume-weighted average price over a defined observation window.
Use completed, independently funded transactions. Exclude self-trading, artificial related-party activity, cancelled orders, duplicate records and transactions that fail settlement. Record the quote currency and any conversion into USD.
Publish the calculation window, eligible volume, number of independent participants, trading concentration, excluded records and timestamp. Define minimum data requirements and exclusion rules before applying them.
For a more robust benchmark, volume-weighted medians within time intervals can reduce the influence of extreme prices. CME CF reference rates use this approach with executed trades. QTC would need an observation window appropriate to its own eligible trading activity. [1]
Enter eligible trades to see how the volume weighting works. Nothing here is a QTC market observation; the rows are blank by design.