---
title: FTX Proposes to Clear Margined Products for Retail
description: CFTC is seeking public comment on the crypto exchange's request.
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[TRACE Turns 20](https://articles.marketsmedia.com/trace-turns-20)

 03.11.2022

 By Shanny Basar

 Regulators

# FTX Proposes to Clear Margined Products for Retail

 03.11.2022 By Shanny Basar

![FTX Proposes to Clear Margined Products for Retail](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/buy-side-forced-review-collateral-arrangements-950-May-12-2022-09-20-20-79-AM.jpg)

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The Commodity Futures Trading Commission (CFTC) has received inquiries from derivatives clearing organizations (DCO) or potential DCO applicants seeking to offer clearing of margined products directly to participants, such that participants would not clear through a futures commission merchant intermediary (non-intermediated model).

https://twitter.com/CFTC/status/1501965385398210561

Currently before the CFTC is a formal request from LedgerX, LLC d.b.a. FTX US Derivatives (FTX) to amend its order of registration as a DCO to allow it to modify its existing non-intermediated model. FTX currently operates a non-intermediated model and clears futures and options on futures contracts on a fully collateralized basis. In its request for an amended order of registration, FTX proposes to clear margined products for retail participants while continuing with a non-intermediated model

The CFTC is seeking public comment on FTX’s request, including both on specific questions and policy issues raised by use of a non-intermediated model in this manner. The questions are available [here](https://www.cftc.gov/media/7031/CommentFTXAmendedOrder/download).

CFTC recommends potential commenters to review FTX documents at this [link](https://sirt.cftc.gov/sirt/sirt.aspx?Topic=CommissionOrdersandOtherActionsAD&Key=47841) as you are considering your comments. Comments may be submitted electronically through the CFTC’s [Comments Online](https://comments.cftc.gov/PublicComments/CommentList.aspx?id=7254) process. All comments received will be posted on the CFTC website.  Comments should be submitted on or before April 11, 2022.

## RELATED LINKS

- [Clearing Organization Associated Documents](https://sirt.cftc.gov/sirt/sirt.aspx?Topic=CommissionOrdersandOtherActionsAD&Key=47841)
- [FTX Request for Comment](https://www.cftc.gov/media/7031/CommentFTXAmendedOrder/download)
  
  
  
  
  
  Source: CFTC

Brian Armstrong, co-founder and chief executive of Coinbase:

https://twitter.com/brian\_armstrong/status/1501954576181780484

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