Clearing members ponder the purpose of CME’s mystery FCM
Some think licence will be used to boost crypto clearing capacity, but many questions remain
When CME Group first applied for a licence to operate a futures commission merchant (FCM), it sparked plenty of controversy and questions about conflicts of interest. But with the licence now in the bag, the talk among FCMs is turning to what CME plans to do with it.
Many in the clearing industry are still nervous about the idea that a clearing house with all the powers of a US self-regulatory organisation (SRO) can set up a business that could compete with its own members. That’s especially
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