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Your Reason has been Reported to the admin. Fill in your details: Will be displayed Will not be displayed Will be displayed. Share this Comment: Post to Twitter. Maximum Interest rate. Bank of Maharashtra. Bank of Baroda. Bank of India. Punjab National Bank. Kotak Mahindra Bank. Other derivative exchanges ultimately settle in dollars, but CoinFLEX allows settlement in bitcoin or other digital assets.
Lamb says crypto repo should prove safer than its classical sibling. That non-stop churn creates liquidity around collateral. The traditional market is dominated by intra-bank lending. The big exceptions: Bear Stearns and Lehman Brothers in , when the market lost confidence in these institutions and shut them out of the interbank financing markets.
CoinFLEX will act as a clearinghouse that operates systems for matching and margining in real time. But there are no clearing members to pay up if a participant fails. Instead, CoinFLEX has to liquidate a position in real time, or else it will find itself exposed to the dud trade.
The safety net for users is the collateral. In crypto, the transaction is actually a swap: dollars for bitcoin, or bitcoin for dollars or for ether, etc. Therefore the user has a legal claim to that collateral. The technical term for using client assets is rehypothecation.
When Lehman Brothers collapsed, it transpired the bank had been dipping into client funds to finance its own operations. Lehman was a big prime broker, so when it failed, many hedge funds found themselves suddenly out of pocket. Rehypothecation is legal: hedge funds usually must pay a fee if they want the safety of a segregated account.
There are no smart contracts protecting the assets, but the segregated accounts are insured by a third-party custodian. That would help the whole industry scale. But that will require a lot more participants and liquidity — a chicken-and-egg problem. Today crypto is dominated by aggressive leveraged traders, who have been intoxicated by the high levels of gearing available on futures platforms such as BitMEX, Binance Futures, Huobi Derivatives Market, and others.
There are lenders, people with assets that could earn interest on them, which could include the new crop of crypto index fund managers, or just individuals keen to get something akin to an interest-bearing account. There are also hedge funds such as statistical arbitrage players that could take this sort of trade.
BitMEX and others have clearly appealed to the cowboys, with their high-octane terms. The more institutional end of the market, like CME, appeals to the more cautious types. CoinFLEX is hoping to be where the twain shall meet. That requires both the right technical design as well as a business strategy, which in this case is appealing first to OTC trading houses that need instant settlement of derivatives trades this is where the physical delivery element comes in to play and to participants looking for interest-rate products in crypto.
In traditional repo, the most common type of arrangement is called tri-party repo, in which a clearing agent or a bank facilitates the deal between borrowers and lenders, for a fee. In the U. Morgan dominate this market. Perp is short for the perpetuity contracts that dominate crypto derivatives today: typically open-ended, hour bitcoin futures contracts.
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