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FTX wanted to carry out every aspect of customers’ crypto derivatives trades on its own.

FTX wanted to carry out every aspect of customers’ crypto derivatives trades on its own.

Photographer: Angel Garcia/Bloomberg
Crypto
The Big Take

FTX 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.

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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.