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FIA provides recommendations to CFTC on crypto-asset derivatives

FIA provides recommendations to CFTC on crypto-asset derivatives

15 February 2019 4:00pm EST

On Feb. 15, FIA responded to a request from the Commodity Futures Trading Commission for input on crypto-asset mechanics and markets.

FIA urged the CFTC to carefully consider the lessons learned from the listing of bitcoin futures in 2017 and the importance of building a sound framework for managing the risks of derivatives based on cryptocurrencies. FIA put a particular emphasis on the role of futures commission merchants in the clearing of these products and their role in absorbing losses. FIA also noted the importance of reliable data to FCM risk management and the unique nature of network architecture in crypto markets.

 “The industry and agency only stand to gain by engagement on these important and evolving issues,” FIA said in its RFI response. “FIA remains committed to helping the Commission and staff understand the important aspects of the listing of contracts with crypto-asset underlyers that will make them successful as cleared products.”

In December 2017, FIA published an open letter regarding the listing of cryptocurrency derivatives that urged thorough discussion, risk assessments and transparency as crucial to ensuring market integrity and the long-term success of innovative new products such as those relating to crypto-assets.

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CFTC Crypto-Asset Mechanics and Markets 021519.pdf (131.12 KB)

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