Will Acworth

You said it well - "long known but never addressed inefficiencies" is exactly what's at stake in the FIA's open standards initiative. But we're all going to have be patient - the issues are so deeply rooted that it will probably take several years before we see large-scale progress. Tag 1031 is a good example - a targeted fix to a specific problem in futures brokerage. Even after market-wide agreement on a standard, it has taken several years for banks and brokers to embed the codes in their execution systems, and it should be noted that one of the key drivers has been the early commitment from CME.

--

--

thanks for this excellent summary of the main presentations and panel discussions at this year's FIA Expo. You're absolutely right - the juxtaposition between Leo Melamed and Sam Bankman Fried really illuminates the past, the present and the future of this industry. I'm not quite as skeptical about the "full stack" approach that FTX is taking to the risk management of leveraged positions in crypto derivatives. To be wary of the potential issues makes sense, but equally important is the potential to rethink the value proposition that clearing members and clearinghouses provide to clients. Some day we may look back at the 2021 Expo as a turning point in the history of the industry, a point when a new wave of innovation began to form, similar to the early 1990s when Leo Melamed convinced CME members to start the journey to electronic trading .

--

--