CME chief’s arguments at FTX hearing raise eyebrows
Terry Duffy’s criticism of exchange’s direct clearing proposal revives debate over ‘skin in the game’
CME chief executive Terry Duffy’s claims that cryptocurrency exchange FTX has set aside insufficient financial resources to back its proposed direct clearing model for crypto derivatives – made at a US congressional hearing on May 12 – are raising eyebrows in the industry.
FTX’s proposed direct clearing service would see customers post margin directly to the exchange without going through a futures commission merchant (FCM). FTX plans to backstop its clearing house with $250 million of
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