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    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Home»Crypto Exchanges»FTX Seeks U.S. Blessing for Clearing Margin-Based Retail Trades
    Crypto Exchanges

    FTX Seeks U.S. Blessing for Clearing Margin-Based Retail Trades

    By Benjamin Bain
    March 11, 2022By Bloomberg2 Mins ReadNo Comments
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    Crypto trading giant FTX’s U.S. unit wants to begin clearing leveraged derivatives trades for mom-and-pop investors.

    The exchange doesn’t use intermediary brokerages as most firms do to limit the impact from any possible defaults. Now, FTX’s LedgerX, the division that’s registered with the U.S. Commodity Futures Trading Commission, is seeking permission from the regulator to apply its “non-intermediated” clearing model to retail trading in margined products.

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    The CFTC is seeking public comment on the plan until April 11. 

    FTX’s plan for clearing trades represents a departure from how a majority of firms registered with the agency handle the transactions. Those companies use a model that relies on brokerage intermediaries to deal with margined-product trades, which involve collecting some money from clients ahead of time to cover possible losses if bets go sideways. 

    According to the CFTC, FTX would still require initial margin from clients and then also a maintenance deposit. Under its model, the firm would recalculate margin levels every 30 seconds, and if the collateral on deposit falls below the maintenance-margin level, the automated system could start to liquidate positions.

    FTX, according to the CFTC, also intends to have agreements with outside firms to backstop losses and would itself guarantee losses with $250 million of its own capital.

    Zach Dexter, the head of FTX unit, said that the company’s proposed model would provide more transparency and help reduce risk.

    Today “there’s no real-time measure of how much risk exists in the financial system,” he said on Twitter on Thursday. “The intermediated nature of the traditional financial system makes this hard.”

    .@ftx_us has proposed the first realtime derivatives margining system in the United States. 24×7 margining for 24×7 assets, starting with crypto. today, @CFTC opened up our proposal for public comment:https://t.co/6Nz87ueX0b

    here's why US derivatives margining needs an upgrade:

    — Zach Dexter (@zachdex) March 10, 2022

    Read full story on Bloomberg

    Crypto Exchanges
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