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CFTC Sets May Roundtable to Weigh Ideas Sparked by FTX’s Derivatives Push
The May 25 discussion will consider direct clearing of derivatives as pitched by FTX.US.
Updated May 11, 2023, 6:18 p.m. Published Apr 27, 2022, 3:29 p.m.
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FTX’s application to allow for direct clearing of customers’ derivatives transactions has inspired the Commodity Futures Trading Commission (CFTC) to consider such “non-intermediated” trading in a public roundtable next month.
The CFTC will host a discussion on May 25 in Washington, the agency announced in a Wednesday statement. The U.S. derivatives regulator is inviting industry participants – such as derivatives clearing organizations and futures commission merchants and their customers – and will also welcome academics and public-interest groups.
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“A number of registered entities have discussed with CFTC staff proposals to offer ‘non-intermediated’ or direct trading and clearing of margined products to retail customers,” according to the agency’s statement. The agency will “gather information and receive expert input from a wide variety of stakeholder groups,” it said.
CFTC Chairman Rostin Behnam has said his agency is taking a cautious approach to an application from FTX.US to allow its trading platform to clear derivatives directly. The agency has already received dozens of comment letters on the idea, many of them from crypto investors supporting the application. The comment period expires on May 11.
Rostin Behnam is scheduled to speak at Consensus 2022 in June.
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