The CFTC roundtable does not mention FTX by name, but the crypto exchange's proposal to disintermediate its clearing process is driving the discussion.
Critical to the roundtable is the role of futures commission merchants, which FTX is proposing to do away with via its proposed. The elimination of FCMs would streamline trading by reducing the number of times assets change hands, each layer of which entails separate requirements for liquidity holding.
However, it's a new way of approaching clearing that has generated major blowback from both progressives suspicious of financial operations and entrenched financial institutions — including FCMs themselves. The CFTC's announcement does not mention FTX by name, instead referring to"a number of registered entities [that] have discussed with CFTC staff proposals to offer 'non-intermediated' or direct trading and clearing of margined products to retail customers."
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