Bitcoin
LCH explores crypto derivatives clearing
CCP mulls partnership with GFO-X for clearing of crypto index futures and options
FTX failure resets US crypto legislative programme
Lawmakers expected to seek stronger customer protection; industry wants flexibility for DeFi
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
Crypto structured products come of age
After some growing pains, the space is now offering the type of structures seen in TradFi equities markets
Quants search for way to size crypto bets
Standard models say as much as 4% of a diversified portfolio could go into digital assets
Basel crypto capital plan threatens banks’ DLT projects
Proposed infrastructure add-on could make blockchain settlement and payment systems non-viable
CFTC backs banks in tussle over clearing house governance
CME and Ice will need to pay more attention to clearing members on risk committees
Credit checks, what credit checks? How crypto lending ate itself
Collapse of hedge fund Three Arrows Capital exposes “sloppy and irresponsible” credit standards among crypto lenders
The closer quants look, the less diversifying crypto appears
Analysis seems to confirm that the asset class is not an effective diversification play
MSIM was biggest Grayscale investor on eve of bitcoin rout
Cathie Wood’s Ark and Horizon Kinetics were the other largest investors in trust that lost 61% in Q2
Major lender hikes borrowing costs as crypto flounders
Brokers warn crypto market faces a reckoning with wrong-way risk as lenders rush to tighten terms
DRW calls for regulation of fiat-backed stablecoins
Regulatory intervention would shore up confidence in flagging market, says major market-maker
EU crypto rules would allow terra, just not as a stablecoin
Final laws set to prevent algorithmic coins from styling themselves as “stable”, says insider
Client margin at Wedbush unit up 46% in April
Futures and options clearing unit saw largest monthly increase across all FCMs
Crypto derivatives should be banks’ ‘gateway drug’ to spot
Improved spot market liquidity means cash-settled derivatives shouldn’t be the end goal, says co-founder
Why even the safest stablecoins could fail
Settlement delays, insolvency risks mean collateralised coins could falter
In the age of bitcoin, buy side braces for 24/7 risk management
Investors forced to rethink “nine to five” mentality, as crypto exchange FTX proposes auto-liquidation model
Benchmark challenges inhibit crypto adoption
Without authoritative reference pricing, users may struggle to value assets and assess execution, traders say
FTX’s ‘easy-access’ clearing stokes fears over runaway risk
Crypto exchange will auto-liquidate underwater positions, which critics say could fuel a death spiral in prices
Podcast: Lipton on (un)stablecoins and FX market-making
Veteran quant has long warned about fundamental flaws in algorithmic stablecoins
Basel chair stands by tough capital rules for crypto assets
Isda AGM: Hernandez de Cos is unmoved by arguments that high risk weights will push banks out of crypto
Automated market-making for fiat currencies
A framework to exchange fiat currencies on-chain consistently with off-chain prices is presented
CFTC best-placed to regulate digital assets – Pham
Newly confirmed commissioner says agency has the authority and precedent to police crypto markets
Biden approach could leave US behind on crypto regulation
Long timeline of executive order means international community may move faster than US lawmakers