Il Future del CME sul Bitcoin è una buona cosa ma dal punto di vista regolamentare e dell' architettura dei mercati...
Pubblicato da Eric Packer su Mercoledì 8 novembre 2017
Questo è il mio Tweet dell' 8 Novembre scorso diretto al CME
Questo è il mio Tweet rivolto alla CFTC con riguardo a KrakenDear @CMEGroup you want to launch the BTC Fut but some exchanges where price discovery takes place often dont' work. See @krakenfx right now.— TraglisqualidiWallSt (@cyberpunktrade) 8 novembre 2017
e questo è quanto riporta oggi Bloomberg (clicca qui ).Hi @CFTC. You should look into @krakensupport @krakenfx Matching Engine. Oddly, when fast market conditions occour never works.— TraglisqualidiWallSt (@cyberpunktrade) 29 ottobre 2017
Questo è un altro pensiero sul tema, postato qualche settimana fa.
Ieri, la leggenda del trading elettronico Thomas Peterffy, CEO di Interactive Brokers, già Timber Hill LLC, ha scritto una lettera indirizzata a J. Christopher Giancarlo, capo della CFTC, che riporto di seguito.
«Dear Chairman Giancarlo:I am the Chairman and founder of Interactive Brokers LLC, a futures commission merchant and broker-dealer with over $ 3.8 billion in regulatory net capital and over $1.2 billion in client margin funds (Interactive Brokers Group is publicly traded on Nasdaq with a market cap of over $22 billion).
As a CME clearing member, we are deeply concerned with proposals that would allow Bitcoin and other cryptocurrency derivatives to be cleared in the same clearing organization as other products.
This letter is to request that the Commission require that any clearing organization that wishes to clear any cryptocurrency or derivative of a cryptocurrency do so in a separate clearing system isolated from other products.
There is no fundamental basis for valuation of Bitcoin and other cryptocurrencies, and they may assume any price from one day to the next. This has been illustrated quite clearly in 2017 as the price of Bitcoin has increased by nearly 1000%.
Cryptocurrencies do not have a mature, regulated and tested underlying market. The products and their markets have existed for fewer than 10 years and bear little if any relationship to any economic circumstance or reality in the real world.
Margining such a product in a reasonable manner is impossible. While the buyer (the long side) of a cryptocurrency futures contract or call option could be required to put up 100% of the value to ensure safety, determining the margin requirement for the seller (the short side) is impossible.
Instituting daily price move limits on cryptocurrency derivatives does not solve the problem. In a runaway upward market for example (like the silver market in the 1980’s caused by the Hunt brothers), the futures price gets locked limit-up day after day with little or no trading and the short sellers are unable to cover, leading them (and potentially their clearing firms) to ruin.
If the Chicago Mercantile Exchange or any other clearing organization clears a cryptocurrency together with other products, then a large cryptocurrency price move that destabilizes members that clear cryptocurrencies will destabilize the clearing organization itself and its ability to satisfy its fundamental obligation to pay the winners and collect from the losers on the other products in the same clearing pool.
Accordingly, even clearing members who do not wish to clear cryptocurrencies because they judge the risk to be too great cannot isolate themselves and their customers from a potentially catastrophic loss from cryptocurrency risk at the clearing organization.
Thus, it is no answer for the proponents of clearing these products to suggest that objecting clearing members can simply charge very large margins or not offer cryptocurrencies at all. In a central clearing organization, all members are at risk for the activities of any member (and of the clearing organization itself).
Unless the risk of clearing cryptocurrency is isolated and segregated from other products, a catastrophe in the cryptocurrency market that destabilizes a clearing organization will destabilize the real economy, as critical equity index and commodity markets cleared in the same clearing organization become infected.
The only way to protect clearing organizations and their members (and the financial system as a whole) from the unique risks inherent in clearing cryptocurrencies is to require that they be cleared in a separate clearing system, isolated from other products.
We would be happy to discuss this with you or to provide any further information at your convenience».
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| Credits: Dario Jelusic |
Ciò che dice il "Gran Maestro del trading elettronico" (lui e Josha Levine hanno rivoluzionato totalmente il mondo del trading) dovrebbe essere preso in seria considerazione visto, tra gli altri, il rischio latente che al momento tutti sembrano ignorare ovvero la vicenda Emissione Tether/Capitalizzazione Bitcoin.
Peterffy (unitamente a Josha Levine) è colui il quale ha creato i mercati telematici per come li conosciamo oggi. Lui è stato il primo al mondo ad utilizzare i pc per per prezzare le opzioni negli anni '70, lui è stato uno dei primi ad utilizzare un pc sul trading floor dell' AMEX, lui è stato uno dei primi a capire cosa stesse succedendo sui mercati a causa dell' avvento degli HFTs e lui è un profondo conoscitore del funzionamento e dei rischi delle clearing houses .
Pezzo scritto ascoltando
Pezzo scritto ascoltando
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