On March 22, 2018, Brett Redfearn, director of the division of trading and markets for the US Securities and Exchange Commission (SEC) spoke at the Depository Trust & Clearing Corporation's (DTCC's) FinTech Symposium. Cryptocurrency exchanges, he said, could improve by taking a page from the regular old stock market.
Formerly the global head of market structure for J.P. Morgan's corporate and investment bank, Redfearn suggested that cryptocurrency exchanges would do well to implement features like best execution, the legal requirement for brokers to offer their customers the "most favorable terms" available on their trades, and market surveillance.
He also noted that no cryptocurrency trading has taken place on any registered exchanges or ATSs, and that, as a whole, the digital asset market seems like the "Wild West."
Earlier this month, the SEC published a reminder explaining that platforms that operate as exchanges and support the trade of digital assets that are securities must register with the agency. To date, the only company exploring cryptocurrency trading that has registered as an ATS is Liquid M Capital. However, it appears that their platform is not yet live.
The company did not return requests for more information by ETHNews.
Coincidentally, Reuters reported today that the DTCC has ceased its work on a blockchain-based system for the clearing and settlement of repurchase agreement transactions. This is according to Murray Pozmanter, DTCC's head of clearing agency services.