Blockchains and Bagels Daily Market Roundup – 08.03.2018

CoinsquareAugust 3, 2018

OKEx, Securities and Exchange Commission, Financial Supervisory Service

Blockchains and Bagels: the morning market update to get you ready for the day ahead. Today, OKEx liquidates trader’s position triggering insurance fund and socialized clawback clause.

OKEx likely to clawback trade profits after liquidating a large out of the money futures position

The futures trading platform began liquidating a US$400 million long position that had fallen out of the money. The company contacted the user to pare back the exposure unsuccessful. As a result of the liquidation, the losses incurred will be covered by both the insurance fund and other users.

US Securities and Exchange Commission increases brokerage scrutiny

The SEC has been questioning brokers that deal in digital assets for comment on business practices and procedures for client interactions. The regulatory body is also looking for a better understanding of the fees generated from trading, financing and initial coin offerings.

South Korea’s Financial Supervisory Service will explore a blockchain solution for stock transactions

The FSS has investigated the use of blockchain technologies by international stock exchange operators and advised local regulatory agencies to develop a similar solution. The FSS believes a blockchain system will increase the efficiency, integrity, and security of information transfer.

Walmart files a patent for managing smart applications using a blockchain

The retailer has extended its list of patents with the addition of a method for managing smart applications. One use outlined in the application is a kiosk for receiving drone-delivered packages.