Goldman Sachs made clear to the CFTC and CME that they were not thrilled about the quick roll out of Bitcoin futures
The CFTC held a public meeting yesterday to gather feedback on the process it used in the launch of Bitcoin futures.
The process is basically a self-certification one where the exchange launches the product without a formal review by regulators - and that has garnered some criticism from Wall Street previously as the exchange did not get enough feedback for things like margin levels, trading limits, clearing, and stress tests.
A managing director of Goldman Sachs, Rana Yared, said in the meeting that when the CFTC and CME decided to list said Bitcoin futures contracts in December, the firm was still undecided about whether or not it was appropriate for their own employees to trade those contracts - and before they knew it, clients were already knocking on the door and asking the firm to execute their transactions.
Yared goes on to say that "it is critical for major clearing firms like Goldman to be prepared for new contracts so they can manage risk appropriately".
Her comments are not likely to be anything new to the CFTC, but it probably will mean that future derivatives to be issued under such a process will not be met kindly with Wall Street - but then again, it's Wall Street. If it makes money, they'd probably keep their mouths shut.
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