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33) a lot going on here—simultaneously debating crypto, algorithms, computers, retail, 24/7, etc. most of these already exist on other DCOs, and really unclear what her point is. And weird that she’s skeptical that markets increase liquidity!
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34) remember price bands—people are protected from 1 minute market moves! Also—users know _way_ more than any of these people about these markets, ironic to hear the opposite condescendingly said.
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35) “retail” is not a monolithic category!
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36) good point by Dave Olson—this is the model that many are already used to!
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37) ohhhh boy is this going to be a few minutes per person of closing statements? If so, that’s a few *hours* worth.
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38) really well spoken closing statement from Ann/ISDA!
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39) really interesting perspectives from @Fidelity and @BlackRock—and agree, figuring out the details and ensuring transparency are what matter!
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40) pleasantly surprised by the constructive closing statement from RJO!
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41) huuuge difference in demeanor between Downey and Duffy
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42) people asking whether this model makes economic sense or is the best model. Not really supposed to be the purview, and not usually required for businesses to prove their model is best to be allowed to operate. That’s what economic competition and consumer choice are for!
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43) reeeeeaally good points by Dave/Jump here; innovation is really hard in the current system!
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44) helpful point by DRW—models are not about better/worse, they’re about consumer choice and economic competition
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45) note about capital usage—real time margin reduces the effective risk period, which reduces capital demands
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46) good points from Virtu too
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47) re: retail: what if the DCO/DCM has all the standard protections, and CFTC oversight?
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48) reminder: automated margin calls can _reduce_ risk by doing so only when necessary
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49) ok two final thoughts: a) I guess if what we’re doing brings all these people here all day to argue and debate and learn then we’re doing _something_ right b) no chance we’d be here today without the amazing work of Zach, Brian, Julie, and the whole FUSD team <3
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50) I know I’ve said this before, but: the CFTC isn’t the world’s fastest acting regulator and our process has been loooong and drawn out, but boy do they know their shit, care about details, and display an approach that today’s partisan climate could learn something from
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This is actually pretty riveting. If anyone wants to see a real live example of long-entrenched interests talking their own book with a succession of word-salad statements and whataboutist hypotheticals, you can't do much better than this.
The @CFTC’s Roundtable on disintermediated clearing models, including FTX US Derivatives’s proposed model, starts at 9:30 am EDT and can be streamed here: wirestream.tv/customer/cftc/… @SBF_FTX and @zachdex will provide information on our risk model and risk management system.
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