FTX US clearing proposals ‘dead in the water’

After collapse of its parent, former CFTC officials say exchange’s application has little chance of success

Alamy/Dennis Diatel

A radical plan by the US arm of collapsed cryptocurrency exchange FTX to reshape the structure of the US derivatives market has no chance of making its way through the Commodity Futures Trading Commission, according to three former officials at the regulator.

In May, FTX US asked the CFTC to allow it to bypass futures commission merchants and give retail traders direct access to leveraged crypto derivatives on its integrated exchange and clearing house.

Although legally separate from FTX’s

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