FTX wanted to carry out every aspect of customers’ crypto derivatives trades on its own.
Photographer: Angel Garcia/BloombergFTX Came Dangerously Close to Upending Futures Markets
Sam Bankman-Fried’s firm had a radical proposal to shake up futures markets that would have consolidated power — and money — at his now-bankrupt exchange.
Everywhere you looked, there it was, the ghostly outline of three letters: FTX.
The confab in Chicago this week was supposed to be another celebration for the golden boy of market structure, Sam Bankman-Fried. His FTX flexed its platinum status at an earlier Futures Industry Association conference in Boca Raton, Florida, hosting a late-night cocktail party by the beach, holding a fireside chat with A-Rod and handing out branded swag from its tricked-out mega-booth in the exhibition hall.