Goldman Sachs is reportedly discussing the integration of its derivatives business into FTX as the crypto exchange is seeking approval from the Commodity Futures Trading Commission (CFTC) to act as an exchange and as a middleman between counterparties in leveraged derivatives trades.
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The financial giant wants to integrate into FTX its traditional business services such as futures, and act as an "on-ramp to the exchange," Barron's reports, citing people close to the talks. Brett Harrison, President of FTX US, told Barron’s that the company has multiple futures commission merchants "already committed to integrating technologically with the exchange." He added:
"We're going to give them a greater chance of having a profitable futures business."
This isn't the first collaboration between Goldman Sachs and FTX as reports previously said the bank's head David Solomon and the founder of FTX Sam Bankman-Fried discussed lobbying of the exchange's interest with US regulators, in particular the CFTC. As of press time, neither FTX nor Goldman Sachs made any official statement regarding the matter.
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