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Derivatives’ Old Guard Fights FTX Chief Over Plan to Cut Out Middlemen

But representatives of the derivatives markets made it clear the FTX is directly threatening their territory, arguing that cutting out intermediaries for derivatives trades wasn’t just an idea that was going to stop with digital assets. Terry Duffy, the chief executive officer of CME Group Inc., the world’s leading derivatives exchange, aimed much of his criticism at the possibility FTX would expand beyond crypto, because its application would allow it to do so.