FTX proposal prompts calls for CFTC rules review
Current bankruptcy and margin ring-fencing rules are incompatible with direct clearing, FIA says
Regulatory approval of crypto exchange FTX’s direct clearing model would require a broader update of US clearing rules to ensure a level playing field between newcomers and incumbents, according to the Futures Industry Association (FIA).
FTX wants to give customers the option of clearing derivatives contracts directly with its central counterparty (CCP) without having to go through intermediaries, known as futures commission merchants (FCMs). FTX already offers direct clearing at its offshore
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