Stick or twist? CME retains FCM application

Even though FTX has withdrawn its application, the exchange still plans to take on its own FCM clients

CME Group
Photo: Marco Verch/Flickr

CME is ploughing on with its application to become a US futures commission merchant (FCM), despite the demise of cryptocurrency exchange FTX and the pulling of its own similar application.

FTX’s proposal would have allowed it to effectively bypass FCMs and give retail traders direct access to crypto derivatives trading, also opening the possibility it could extend its offering to traditional assets.

In May, Terry Duffy, CME’s chief executive, said that if FTX’s direct clearing proposal were

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