Comment Text:
We look forward to seeing a regulated digital currency derivatives exchange being developed in the United States. There is certainly a need from the standpoint of hedgers, speculators, miners and payment processors. We believe the development of a regulated digital currency derivatives exchange will be beneficial for everyone in this space.
As a firm that trades Bitcoin, these are some of the questions that have come up.
1) With many exchanges imposing a winner's tax on leveraged positions to help pay for positions that were forced to liquidate, how does Ledger X propose to handle this problem given the high volatility in Bitcoin?
2) Will there be a netting of margin for a combination of long and short positions?
3) Will margin be reduced if the trader is using the options / futures for hedging purposes?
4) How do you ensure that no one will manipulate the underlying benchmark to enhance their positions on Ledger X?
5) Will you have any designated market makers on the platform providing consistent liquidity?
