Almost everything here is an unmitigated disaster. However,
> the secret exemption of Alameda from certain aspects of FTX.com’s auto-liquidation protocol
— barring the part where this is secret — this seems like it would make some sense?
Alameda was, by my understanding, meant to be a market maker for the markets that FTX allowed its customers to trade in. You probably don’t want to apply the same auto-liquidation protocol to the market maker as you would regular traders.
Of course, I’m not a finance person, so I’d be happy to be enlightened here.
> the secret exemption of Alameda from certain aspects of FTX.com’s auto-liquidation protocol
— barring the part where this is secret — this seems like it would make some sense?
Alameda was, by my understanding, meant to be a market maker for the markets that FTX allowed its customers to trade in. You probably don’t want to apply the same auto-liquidation protocol to the market maker as you would regular traders.
Of course, I’m not a finance person, so I’d be happy to be enlightened here.