FTX US Derivatives announces board: Execs from DTCC, Robinhood, Baton, and more

Rick Steves

“We have worked closely with regulators to establish FTX US Derivatives as the premier regulated crypto derivatives trading platform, and I am looking forward to continuing this journey.”

FTX US Derivatives has announced its members of the Board of Directors, chaired by Larry E. Thompson, who will be joined by professionals from the traditional finance, crypto, and regulatory landscapes.

The FTX US Derivatives board features executives from DTCC, Avanti, Grapefruit Trading, Baton Systems, Robinhood, and SIG.

The digital asset futures and options exchange and clearinghouse regulated by the Commodity Futures Trading Commission (CFTC), formerly known as LedgerX, is a pioneer in bitcoin mini contracts in the US.

Its offerings include physical settlement of all contracts, block trading and algorithmic trading opportunities for institutional investors, and direct access for all traders.

FTX agreed to acquire LedgerX in September 2021 in order to create new products that meet the needs of both retail and institutional traders and develop a strong working relationship with the US regulatory community, specifically with the CFTC. The crypto exchange operator later rebranded LedgerX to FTX US Derivatives.

FTX US Derivatives ‍is a Designated Contract Market (DCM), Derivatives Clearing Organization (DCO), and a Swap Execution Facility (SEF).

“The premier regulated crypto derivatives trading platform”

The Board will be instrumental in devising and implementing the long-term growth strategy of FTX US Derivatives as the crypto space consolidates and competition becomes fierce.

Larry E. Thompson, Chairman of the Board for FTX US Derivatives, commented: “It is an honor to be named as Chairman of the Board for FTX US Derivatives and to be a part of one of the fastest-growing and most influential crypto exchanges in the U.S. Throughout my career, I have come to understand the importance of working alongside regulators to ensure that investors are protected while still being able to take full advantage of the markets and FTX US Derivatives does just that. We have worked closely with regulators to establish FTX US Derivatives as the premier regulated crypto derivatives trading platform, and I am looking forward to continuing this journey.”

Alongside Mr. Thompson, the members of the Board of Directors are:

Keisha Bell, Managing Director, Head of Diverse Talent Management and Advancement, DTCC
Bryan Bishop, CTO at Avanti Financial Group
Zach Dexter, CEO of FTX US Derivatives
Joe Keefer, Trader at Grapefruit Trading
Jerome Kemp, President of Baton Systems
Lucas Moskowitz, Vice President and Deputy General Counsel at Robinhood
Bart Smith, Global Head of Strategy for Digital Assets for the Susquehanna International Group of Companies (“SIG”)
Mark Wetjen, Head of Policy and Regulatory Strategy at FTX US

Execs from FTX, DTCC, Baton, Robinhood, and more

Zach Dexter, CEO of FTX US Derivatives, said: “I am excited to work alongside the other board members and coordinate on how we can provide the best value to our users and advance the crypto derivatives trading marketplace. The Board of Directors brings together a group of professionals whose cumulative experience spans the entire financial ecosystem and the complex regulatory environment. We have the resources needed to guide FTX US Derivatives through the ever-evolving digital asset landscape, all while working alongside government regulators to provide our dedicated users and investors with additional value.”

Larry E. Thompson was the Chairman of the Board for LedgerX, which was acquired by FTX US and became FTX US Derivatives in October of 2021. He is an industry veteran with major roles at DTCC, including Vice Chairman.

Joe Keefer is a trader at Grapefruit Trading, managing a variety of proprietary cryptocurrency trading strategies, including spot and derivatives trading.

Jerome Kemp is the President of Baton Systems. Prior to that, he worked at Citi as global head of futures and clearing building out the OTC clearing platform.

Bryan Bishop is the CTO of Avanti, building a modern, digital bank that can process both dollars and Bitcoin. In the past, he has integrated Bitcoin with the $600 trillion derivatives market, culminating in a Swap Execution Facility (SEF) and Derivatives Clearing Organization (DCO) awaiting regulatory approval by the CFTC.

Bart Smith is Global Head of Strategy for Digital Assets for the Susquehanna International Group of Companies (“SIG”), where he is responsible for the FICC, ETF and Portfolio Trading Groups at SIG.

Keisha Bell is responsible for recruiting and retaining the best diverse talent and developing DTCC’s next generation of leaders.

Zach Dexter is the CEO of FTX US Derivatives, maintaining his position after LedgerX was acquired by FTX US in October 2021.

Lucas Moskowitz is Vice President and Deputy General Counsel for Robinhood and oversees regulatory, litigation, and government affairs.

Mark Wetjen is the Head of Policy and Regulatory Strategy at FTX US and is responsible for the firm’s communications with U.S. regulatory and legislative bodies, such as the CFTC, SEC and various House and Senate Committees.

 

Read this next

Institutional FX

Euronext reports double-digit growth in FX volume

Pan-European exchange, Euronext has reported a 10 percent rebound in the average daily volume on its spot foreign exchange market. The ADV figure stood at $19.6 billion in January 2022, which is up from December’s $18 billion.

Digital Assets

Voyager subpoenas FTX’s inner circle over Alameda loan

Bankrupt crypto broker Voyager Digital, represented by law firm Kirkland & Ellis, is seeking court approval to subpoena Sam Bankman-Fried’s inner circle, as well as Alameda Research’s former executives.

Retail FX

AvaTrade seals sponsorship deal with F1’s Aston Martin team

Dublin-based forex broker AvaTrade today announced that it has concluded a sponsorship deal with Formula One’s Aston Martin Cognizant team that entails sponsorship rights and other marketing benefits.

Executive Moves

M4Markets onboards Invaxa CEO Marios Antoniou as COO

Seychelles-regulated brokerage firm M4Markets has appointed Marios Antoniou, who has a colorful career within the foreign exchange industry, in the capacity of its Chief Operations Officer.

Digital Assets

GK8 now allows clients to control their digital assets as they would their fiat

“As the institutional market is increasingly turning to self custody, our policy engine empowers them to automate transactions, approvals, and even crucial workflows, while providing the highest degree of security, consistency, governance and control.”

Digital Assets

Retail CBDCs in the UK: “Welcomed” by CryptoUK and R3, but “Dystopian” for ETC Group

“At this stage, we judge it likely that the digital pound will be needed in the future. It is too early to decide whether to introduce the digital pound, but we are convinced preparatory work is justified”, said the BoE and HM Treasury.

Institutional FX

Centroid taps Iress API to provide retail brokers with real-time market data

“It has always been a challenge to have an efficient, elegant solution for market data and order execution for retail brokers, but with Iress we have found absolutely the right partner to add to our client offering.”

Digital Assets

Ramp launches FCA-approved off-ramp product, onboards Brave, Trust Wallet, Ledger

“To obtain and maintain our FCA registration, we must meet and operate within their strict anti-money laundering and counter-terrorist financing standards. This is a huge achievement for us, as compliance is a cornerstone of our business and what we stand for.”

Institutional FX

State Street launches FIX API for Fund Connect ETF platform

“Expanding from proprietary APIs to the FIX industry standard will bring us closer to our goal of 100% digital interactions. This is another example of innovations we’ve brought to our operating model as we celebrate 30 years of servicing ETFs since the launch of SPY.”

<