Alexander Osipovich
speaker
528 appearances
11 recordings
1 series
first heard Dec 2017
last heard Feb 2025
Alexander Osipovich’s voice in public audio — every appearance, attributed to the second.
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Appearances
So there's a bit of a less of a hurdle to trading it than to trading actual bitcoins through a wallet service.
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The role that the banks play in the futures market is very specific.
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It involves essentially being kind of a conduit or a brokerage.
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So they are not necessarily betting on Bitcoin themselves, but they are allowing their customers to place those bets.
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The futures exchange you can't access directly.
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You have to go through a broker.
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The broker handles a certain amount of cash and essentially every day it either takes money away from you or gives you money depending on whether you've won or lost that day.
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And the broker, very importantly, is on the hook in case the client loses money and goes bust.
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So the banks are trying to figure out how to manage their own risks in this process and how much capital to require their customers to put up, who is going to be allowed to trade this stuff –
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All these are pretty complicated questions, especially because the crazy volatility in Bitcoin that we've seen just in the past few days.
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Yeah.
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As a rule, the more volatile a certain futures market is, the more conservative the broker will be about who lets trade the contract and how much money they're required to put up.
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So right now, the banks are trying to figure out, well, how much money do we want the customers to put up?
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The exchanges also have a certain minimum requirement of saying like, OK, you have to put down X amount of money to trade the contract.
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The brokers usually top that up a certain amount.
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So the banks are all doing this sort of calculation.
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Some have been a bit more aggressive about it than others.
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But we know from our recently published report that Bank of America, Merrill Lynch and Citigroup will not be offering their customers Bitcoin futures trading at launch on Sunday.
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Yeah, that's right.
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And to the regulators.
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Showing 481–500 of 528 · page 25 of 27
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