FTX proposal could prompt wider clearing changes

FCMs say current clearing structure could end up adopting parts of crypto exchange’s novel approach

FTX-plans-direct-clearing
Alamy/Ivan Babydov

Bank clearing experts believe FTX’s direct clearing plans may open the door to an evolution of the current post-trade structure that takes in elements of the crypto exchange’s approach.

Many institutional firms have expressed concerns over a proposal put forward by FTX, which is seeking to offer clients direct access to clearing by bypassing futures commission merchants (FCMs). Though the proposal is crypto-specific, some believe that it could be implemented in other asset classes in future.

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