Personally I don't see how it'll have any widespread affect at all regardless of how big it's trading volume is. At the end of the day I see it as just another platform irrespective of it having heads of banks at its disposal and a recognised licence.
The only benefit I see it bringing is that of introducing new clients (big-shots) to the crypto space which could only have a positive impact which I still find unlikely.
Nonetheless, I wouldn't mind to be proven wrong. It'll be a kind of win-win situation.
Topic: Ledger X kicks off (Read 225 times)
I guess we'll finally get to see if they really have "outsized demand" or not.
One revision to the rulebook, though, that I'm not too keen on:
https://ledgerx.com/wp-content/uploads/2017/09/9-19-17-LedgerX-40-6-Submission-Rulebook.pdf
"Except as otherwise provided herein, Collateral must be and remain unencumbered. Each Participant posting collateral hereby grants to the Exchange a continuing first priority security interest in and lien on, lien on, right of setoff against and collateral assignment of all of such Participant’s right, title and interest in and to any property and collateral deposited with the Exchange by the Participant, whether now owned or existing or hereafter acquired or arising, ...."
The bolded wording above was recently added to their rulebook. Doesn't the phrase "or hereafter acquired or arising" defeat the whole 'fully collateralized' backing notion, if the collateral has not been acquired yet? Am I reading that correctly?
Seems like some funny legalese to me. I fear this wording could allow naked swap positions.
One revision to the rulebook, though, that I'm not too keen on:
https://ledgerx.com/wp-content/uploads/2017/09/9-19-17-LedgerX-40-6-Submission-Rulebook.pdf
"Except as otherwise provided herein, Collateral must be and remain unencumbered. Each Participant posting collateral hereby grants to the Exchange a continuing first priority security interest in and lien on, lien on, right of setoff against and collateral assignment of all of such Participant’s right, title and interest in and to any property and collateral deposited with the Exchange by the Participant, whether now owned or existing or hereafter acquired or arising, ...."
The bolded wording above was recently added to their rulebook. Doesn't the phrase "or hereafter acquired or arising" defeat the whole 'fully collateralized' backing notion, if the collateral has not been acquired yet? Am I reading that correctly?
Seems like some funny legalese to me. I fear this wording could allow naked swap positions.
Unless I'm much mistaken it's started rolling - http://data.ledgerx.com
What's your forecast on its effects in the coming months? Lots of fun, another damp squib, absolute dystopia?
What's your forecast on its effects in the coming months? Lots of fun, another damp squib, absolute dystopia?
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