https://www.bloomberg.com/news/articles/2018-01-31/goldman-sachs-felt-rushed-by-quick-roll-out-of-bitcoin-futures
Quote
Goldman Sachs Group Inc. has a reputation for being one step ahead of its Wall Street rivals. But it wasn’t ready for Bitcoin futures.
When two exchanges got the green light in December to list derivatives contracts tied to the suddenly ubiquitous digital coin, Goldman was still mulling whether it was appropriate for its own employees to trade futures, said Rana Yared, a managing director at the firm. Before Goldman had made up its mind, clients started asking the bank to execute their transactions, she said.
At a public meeting held Wednesday in Washington, Yared made clear to the Commodity Futures Trading Commission -- the U.S.’s top derivatives regulator -- that Goldman wasn’t exactly thrilled with the quick rollout by CME Group Inc. and Cboe Global Markets Inc.
“The launch of the product by both the Cboe and the CME left us in a very interesting position of having to receive contracts from clients that we ourselves have not made a decision as to how to regard,” Yared said. It’s “critical” for major clearing firms like Goldman to be prepared for new contracts so they can “risk manage them appropriately,” she added.
When two exchanges got the green light in December to list derivatives contracts tied to the suddenly ubiquitous digital coin, Goldman was still mulling whether it was appropriate for its own employees to trade futures, said Rana Yared, a managing director at the firm. Before Goldman had made up its mind, clients started asking the bank to execute their transactions, she said.
At a public meeting held Wednesday in Washington, Yared made clear to the Commodity Futures Trading Commission -- the U.S.’s top derivatives regulator -- that Goldman wasn’t exactly thrilled with the quick rollout by CME Group Inc. and Cboe Global Markets Inc.
“The launch of the product by both the Cboe and the CME left us in a very interesting position of having to receive contracts from clients that we ourselves have not made a decision as to how to regard,” Yared said. It’s “critical” for major clearing firms like Goldman to be prepared for new contracts so they can “risk manage them appropriately,” she added.
They have to understand that bitcoin could hurt their business model if they are not accepting change. 
