CME chief’s arguments at FTX hearing raise eyebrows

Terry Duffy’s criticism of exchange’s direct clearing proposal revives debate over ‘skin in the game’

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CME chief executive Terry Duffy’s claims that cryptocurrency exchange FTX has set aside insufficient financial resources to back its proposed direct clearing model for crypto derivatives – made at a US congressional hearing on May 12 – are raising eyebrows in the industry.

FTX’s proposed direct clearing service would see customers post margin directly to the exchange without going through a futures commission merchant (FCM). FTX plans to backstop its clearing house with $250 million of

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