How the CME FSPI NHL Team Indexes Are Governed

Who Administers the Indexes

FutureSports administers and calculates the indexes in its capacity as Index Administrator. That role covers methodology design, calculation, governance, oversight, and any exercise of discretion under the methodology. The indexes are benchmark reference values that do not represent ownership of, or any entitlement to, a team, a league, a sporting event, or any other asset, and there is no underlying cash market corresponding to them.

FutureSports does not determine game outcomes, official scoring decisions, or other sporting results, and it applies official league data as received. Nothing in the methodology or in the publication of an index constitutes the listing, clearing, offering, or solicitation of any contract, and FutureSports does not distribute futures products. Any futures contract that references an index is listed by CME Group under its own contract specifications and is separate from the index itself. Third party platforms that distribute the indexes, and exchanges that list products referencing them, do not participate in index determination, calculation, or methodology governance unless a separate written agreement expressly provides otherwise.

What the League Does and Does Not Do

The league serves only as the official source of the underlying performance data. The league maintains the official record of every game through its own data collection, error checking, and correction procedures, under the oversight of league contracted officials and official scorers. FutureSports holds all league scoring decisions as final and does not intervene in any review or deliberation concerning statistics or scorer decisions, so a scoring change that reclassifies a goal from even strength to power play, or a shot on goal as a missed or blocked shot, is the league's decision alone and is incorporated into the index on a forward basis once the official record changes.

The league does not participate in index determination, calculation, methodology governance, or decision making. It does not sponsor, endorse, or administer the indexes, and it has no responsibility or liability for the indexes or for any financial product that references them. The separation runs in both directions, with the league supplying the record of what happened on the ice and FutureSports alone responsible for turning that record into an index under published rules.

How Official Data Enters the Calculation

The methodology sets out a hierarchy of data inputs in which official statistics published by the league and its authorized data providers are the primary and preferred source for every calculation, and FutureSports relies on that official league data exclusively without maintaining secondary or alternate sources. If official data for a period is unavailable, incomplete, or demonstrably unreliable, the affected constituent values are simply not incorporated for that period. Once the official data becomes available and is verified, the values are incorporated into subsequent calculations on a forward basis. Previously published official closes are not restated for that reason, and any such occurrence is documented and disclosed.

Discretionary overrides of data inputs are not employed in the ordinary course. Any exercise of discretion is limited to extraordinary circumstances described in the methodology and is subject to governance oversight, documentation, and post event review. Expert judgement is likewise not used in the ordinary determination of index values. Calculations are rules based and designed to run without discretionary input, and any use of expert judgement in an extraordinary situation is documented, performed by authorized personnel, and reported to the Index Steering Committee.

Before official values are published, calculated results are reconciled against official league data. FutureSports also conducts periodic assessments of the reliability, completeness, and timeliness of its official league data source, and any change to data sourcing arrangements that could affect calculation or continuity is escalated through the governance framework and evaluated as a potential methodology change.

What IOSCO Alignment Means in Practice

The IOSCO Principles for Financial Benchmarks were published by the International Organization of Securities Commissions as the international standard for benchmark administration, and they cover governance, benchmark quality, methodology quality, and accountability. The FSPI methodology is designed to align with them, and FutureSports publishes, at least annually, an IOSCO Statement of Compliance identifying the extent of compliance with each principle, any principle applied proportionately rather than in full, and the reasons FutureSports believes the objectives of the relevant principles are met given the nature, size, and risk profile of the indexes.

In day-to-day terms, alignment is visible in how the indexes are run. The methodology is published in full, including every constituent, every multiplier, and the calculation formula. A documented control framework governs the determination, calculation, and distribution of the indexes, with internal controls over data collection and processing, reconciliation against official league data before publication, business continuity arrangements, conflict of interest management, and record keeping, and that framework is available to relevant regulatory authorities. Two governance committees oversee the indexes with documented composition, independence requirements, and operating procedures. Methodology changes, error handling, and index cessation follow written procedures with public disclosure. A formal complaint handling policy gives any stakeholder a defined route to raise a concern and have it investigated independently of any commercial function.

Two Committees

The Index Steering Committee handles day-to-day governance and operational oversight. It reviews error assessments, materiality determinations, and restatements within the single season correction window, oversees data contingency procedures when league data is unavailable, reviews ongoing index monitoring and operational controls, oversees the implementation of approved methodology changes, reviews vendor performance, and accepts complaint investigations within its remit. It has at least three members, is chaired by the Head of Index Services or an equivalent senior operational role, and includes at least one representative from the methodology or quantitative function and at least one from the risk, compliance, or governance function. It meets at least monthly during the active season, needs three members including the Chair or a designated acting Chair for a quorum, and keeps written minutes.

The Product Governance Committee is the senior governance body, and it reviews and approves material methodology changes, restatements outside the ordinary correction window, index cessation or transition decisions, the scope and findings of external audits, the engagement of critical third parties, and the findings of the annual Comprehensive Index Review. It also oversees the conflicts of interest framework and reviews material complaints escalated from the Index Steering Committee. It has at least three members appointed by the Board or senior management, including a senior management Chair, at least one independent member who is not a FutureSports employee and who brings relevant benchmark or financial services governance expertise, and at least one further member from senior management, legal, compliance, or risk. It meets at least quarterly, needs three members including the Chair and at least one independent member for a quorum, and can act by written resolution when a matter is urgent, and its decisions are binding and final within the governance framework.

Both committees operate under FutureSports' Conflicts of Interest Policy, under which members must disclose and manage conflicts, Index Steering Committee members must recuse themselves from conflicted decisions, and all members must act in the interest of index integrity independent of any commercial, licensing, or business development consideration. A member who sits on both committees does not vote at the Product Governance Committee on a matter they voted on at the Index Steering Committee, and the Index Steering Committee Chair attends the Product Governance Committee in an advisory capacity without a vote. Observers may be invited to meetings but do not vote or count toward quorum. The composition, procedures, and performance of both committees are reviewed annually, and FutureSports' Board retains ultimate oversight responsibility for the integrity of the indexes.

How the Methodology Can Change

Multiplier values are established from historical league data, remain fixed between scheduled reviews, are not adjusted during a season or on an ad hoc basis, and are not tuned to influence short term index behavior. FutureSports performs a Comprehensive Index Review of the methodology, constituents, multiplier values, and calculation processes at the conclusion of each league season.

A methodology change is material if it is reasonably expected to affect index construction, calculation, levels, historical or future behavior, or continuity. Changes to constituents, eligibility criteria, constituent definitions, scoring logic, multiplier values, aggregation methods, calculation timing, or availability are all material. Material changes require review and approval by the Product Governance Committee and are publicly announced before implementation, with notice periods set according to the nature and impact of the change, and FutureSports may consult stakeholders before a material change is implemented. Non-material changes, such as typographical corrections, clarifications of descriptive language, or administrative updates, may be implemented without prior consultation and are documented and disclosed as appropriate. FutureSports retains final authority to classify a change as material or non-material, subject to governance oversight. Changes to league rules or to the league's own statistical definitions are evaluated under the same procedures.

When Something Goes Wrong

Errors are handled under the FSPI Index Maintenance, Error Management, and Methodology Changes document. Restatements of published values are limited to errors made by FutureSports in calculating or applying the methodology. Each error is assessed for materiality, and errors deemed de minimis do not result in adjustments to historical or current values. Restatements operate under a single season correction window, FutureSports generally does not restate prior season values during an active season, and a restatement outside that window requires Product Governance Committee approval. Intraday values are not recalculated for an affected period, and league amendments to official statistics are a separate matter and are applied forward as discrete events, without restating previously published closes.

If a data feed or a calculation system is disrupted, intraday indicative values may be delayed, interrupted, or suspended until normal data flow is restored. The official Index Close is not delayed on account of scoring data that has not been marked official, since that data is simply excluded until it is official. If an operational disruption prevents timely calculation, verification, or publication of the official close, FutureSports may delay publication until data integrity is verified, issues a public announcement for any delay of more than one hour, and announces the revised publication once available.

FutureSports may discontinue an index if it is no longer representative, cannot be calculated in accordance with the methodology, is subject to prolonged data disruption, or is no longer commercially, operationally, or legally feasible. Where practicable, advance public notice is given, a successor index may be identified, and cessation decisions are subject to governance review and documentation.

How to Raise a Concern

Any index user, investor, issuer, licensee, or other stakeholder with a legitimate interest can submit a complaint in writing through the contact channel published on the FutureSports website. A complaint can concern the methodology or constituent definitions, the accuracy or timeliness of published values, the application of the methodology in a specific instance, the handling of an error or amendment, a methodology change process, or the conduct of FutureSports as administrator. It should identify the index concerned, the act or determination in question, the relevant dates, any supporting material, and the outcome sought.

FutureSports acknowledges receipt in writing within five business days with a reference number, the FutureSports team responsible, and the expected timeframe. The investigation is conducted by qualified staff independently of any commercial or business development function, with escalation to the Index Steering Committee for calculation and data matters and to the Product Governance Committee for methodology matters. A substantive written response is targeted within thirty business days of acknowledgment. A complainant who disagrees with the determination can request a formal review within fifteen business days. The review is conducted by personnel not involved in the original investigation, or by the relevant governance committee, and the outcome is provided within thirty business days of the request. Complaint records are retained, the identity of complainants is not disclosed without consent except where the law requires it, and any material index change resulting from a complaint is publicly disclosed.

Why This Matters for Anyone Referencing the Index

A calculated benchmark has no cash market behind it, so what makes the official Index Close usable as a reference is that it is produced by fixed rules from official data, published on a fixed schedule, reconciled before publication, overseen by committees with documented independence requirements, and changeable only through a documented process with public disclosure of material changes. Those are the administrator's responsibilities, and they sit entirely with FutureSports. The terms of any futures contract that references an index, including its listing, expiration, margin, and final settlement procedure, are set by CME Group and are separate from the index.

Published Documents

The FSPI NHL Team Index Methodology Guide, the FSPI Index Calculation and Publication Schedule, the FSPI Index Maintenance, Error Management, and Methodology Changes document, the FSPI Index Governance Committee Composition and Operating Procedures, and the FSPI Index Complaint Handling and Resolution Policy are published on the FutureSports website, together with the IOSCO Statement of Compliance that FutureSports publishes at least annually, and everything in this piece is drawn from those documents.

Important Information

This piece is provided for information only and is not an offer, solicitation, or recommendation to buy or sell any futures contract or other financial instrument, nor is it investment advice. The CME FSPI NHL Team Indexes are administered and calculated by FutureSports as Index Administrator under a methodology designed to align with the IOSCO Principles for Financial Benchmarks. National Hockey League serves only as the official source of underlying performance data, does not participate in index determination, calculation, or methodology governance, and does not sponsor, endorse, or administer the indexes. Any futures contract referencing an index is listed by CME Group under CME Group's own contract specifications and is separate from the index itself. FutureSports does not distribute futures products, is not a broker, futures commission merchant, or exchange, and does not provide investment advice.