Changing Market Roles: The FTX Proposal and Trends in New Clearinghouse Models

House Agriculture Committee
1300 Longworth

12/05/2022 at 10:00AM

Hearing page

FTX US is requesting the ability to use a new kind of ‘non-intermediated’ model of crypto derivatives trading, meaning there is no intermediary used to hold customer’s funds. FTX intends to offer its products to retail participants, and its financial and operational requirements for participants only require that the participant be able to post the margin required for a given position.

The proposal was a topic of discussion at the March 31st CFTC hearing.

Witnesses

  • Terrence A. Duffy, Chairman and Chief Executive Officer, Chicago Mercantile Exchange, Chicago, IL
  • Sam Bankman-Fried, Chief Executive Officer and Founder, FTX US Derivatives, Chicago, IL
  • Walt Lukken, President and Chief Executive Officer, Futures Industry Association, Washington, D.C.
  • Christopher Edmonds, Chief Development Officer, Intercontinental Exchange, Atlanta, GA
  • Christopher Perkins, President, CoinFund, New York, NY

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