FIA supports innovation in digital assets and smart regulation that allows products to prosper or fail on their merits. Our organization and our members make room for innovation and growth while still protecting customers and markets.
FIA submits comments to CTFC on request regarding FTX proposal on non-intermediated DCO model
FIA has a long history of supporting innovation in the derivatives industry and believes the FTX Proposal has prompted a healthy dialogue within the industry. However, there remain significant open questions and a lack of critical public information on the model set forth in the FTX Proposal that makes it difficult to analyze potential negative impacts on the customer protections and the clearing process at the heart of our futures markets.
Viewpoint – Digital assets are the topic in DC this summer
Chair Debbie Stabenow (D-MI) of the Senate Agriculture Committee and Ranking Member John Boozman (R-AR) introduced the Digital Commodities Consumer Protection Act of 2022 last week. This much-anticipated legislation would give the Commodity Futures Trading Commission (CFTC) new tools and authorities to regulate the cash digital asset commodity market while leaving the regulation of digital assets that are deemed securities to the US Securities and Exchange Commission (SEC).CONTINUE READING
CFTC roundtable on non-intermediation focuses on FCM benefits and default waterfalls
The US Commodity Futures Trading Commission hosted a wide-ranging and at times contentious discussion on issues related to intermediation in derivatives trading and clearing on 25 May. The roundtable event was more than six hours long, and included representatives from CFTC-registered derivatives clearing organizations (DCOs) and futures commission merchants (FCMs) as well as trading firms, asset managers, agricultural industry representatives, academics, public interest groups, and others.CONTINUE READING
Statement to House Ag Committee Hearing on "Changing Market Roles: The FTX Proposal and Trends in New Clearinghouse Models"
Prepared statement of Walter L. Lukken delivered to the US House of Representatives Committee on Agriculture at 12 May, 2022, hearing titled "Changing Market Roles: The FTX Proposal and Trends in New Clearinghouse Models"CONTINUE READING
US Congress questions industry on merits and risks of FTX's non-intermediated model
US lawmakers questioned experts in the derivatives industry on May 12 about the recent proposal from FTX US Derivatives to clear margined products using a non-intermediated model. The hearing conducted by the US House of Representatives Committee on Agriculture was titled "Changing Market Roles: The FTX Proposal and Trends in New Clearinghouse Models," and featured testimony from FIA President and CEO Walt Lukken.CONTINUE READING