Why Might an Exchange Exclude a Specific Spot Market from Its Index Calculation?

An exchange might exclude a specific spot market if it is deemed illiquid, prone to manipulation, or if its pricing deviates significantly from the rest of the market. Exchanges prioritize the integrity and reliability of their settlement index.

Including unreliable data could introduce unnecessary settlement risk for all contract participants. Exclusion is a risk management decision to ensure the index reflects a fair market price.