ICYMI: FTX says farmers don’t need to worry about its US derivatives proposal
this weekend to comment on an article published by the Financial Times that highlighted the concerns of some groups in the agricultural industry.
While FTX and its American affiliate FTX.US are known for operating in digital assets, FTX's proposal could give it the ability to clear a wide range of financial derivatives and engage directly with clients rather than through third parties.
Harrison said that FTX has"no imminent plans to propose physically settling agricultural products under our margin model." Harrison added that even if the firm did begin to work with agricultural derivatives, farmers could still rely on third-party futures commission merchants and brokers to hedge — emphasizing FTX's longstanding point that its proposal offers choice.
"Furthermore, in a hypothetical future in which physically settled commodities trade on FTX US, we could easily match trading schedules for those products with the contracts and spot markets that currently trade," Harrison added, in response to comments from Nelson Neale of CHS Hedging, a brokerage firm of a US farming cooperative.
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