Weekly Roundup 02/17/23 (BUSD Wells notice, Howey vs Reves, the SEC’s custody guidance) (EP.397)
On The Brink with Castle Island
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FTX
Roland Martin: What does this mean for exchanges? Is this an attempt to unbundle them and get them to un-vernically integrate? He says some of these custodians operate exchanges. So if you're a registered investment advisor that had money on FTX, you shouldn't have it there. You should not use period full stop. That's not an acceptable custodian for you as an RA. And so I think the beneficiaries of this would be firms that enable you to do kind of OTC bilateral trading on top of qualified custody.
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