Behnam mulls market structure reform for crypto derivatives

FTX wants to bypass FCMs by integrating margin financing, execution and clearing activities

Rostin Behnam_CFTC
Photo: John Harrington

Commodity Futures Trading Commission chairman Rostin Behnam has said the CFTC will “carefully consider” a proposal by cryptocurrency exchange FTX that would give retail traders direct access to cleared derivatives, bypassing brokers.

The remarks come as exchanges including CME Group and Cboe Global Markets race to better integrate crypto derivatives into US financial markets.

FTX’s proposal bypasses the traditional gatekeeping role of futures commission merchants (FCMs) by integrating margin

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