<p><span>Thank you to FIA and SIFMA. It is a daunting task to give a keynote on a Friday that is the last day of a conference—particularly a conference that has had engaging substantive heavy content. It’s been such heavy content that some of you plunged yourselves into the freezing cold ocean after yesterday’s panels.</span><span> Please don’t do that after my speech, where I am going to talk about cyber risk and climate risk— two topics that I will admit can feel daunting.</span></p>
FTX’s ambitions were grandiose: It wanted to carry out every aspect of customers’ crypto derivatives needs on its own, using algorithms rather than brokers to help clear trades.
While many of the details around FTX's remarkable collapse will only be revealed as it progresses through bankruptcy, interviews with FIA conferencegoers this week show they're facing a reckoning of their own.