CFTC staff forum vets direct access trading model, debate over safeguards

摘要

Questions about customer protections and system safeguards drewattention as the US Commodity Futures Trading Commission held aforum May 25 on issues surrounding a potential new market structurethat would involve direct trading and clearing of margined digitalassets, without intermediaries.CFTC staff held a roundtable to explore the general concept, basedon a hypothetical clearinghouse that faces market participants directlywithout intermediation by a futures commission merchant or FCM.This comes as a proposal by FTX US Derivatives to offer direct accessto margined clearing of cryptocurrency derivatives is generating ampledebate about future implications for other derivatives products.