How risk managers can stop the FTX infection from spreading

Segregation and transparency can save investors from imploding crypto trading venues

FTX issues spread montage

When the Financial Times published a leaked copy of FTX’s balance sheet, the newspaper saw a financial hole. But regular readers of will have noticed plenty of other danger signals.

Asset and liability underlyings were mismatched, with nearly $16 billion of unhedged market risk exposure. On-demand liabilities were financing illiquid trading assets, creating $7 billion of liquidity risk mismatch.

Segregation between client assets and house assets seemed to be entirely missing. And the

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