Market Tech: How To Spot an FTX

Vibrant markets depend on a certain feature set: liquidity, competition among exchanges and a multitude of market participants. They also require critical in-built risk-mitigation protections to assure users of the market that they are getting access to a level playing field. Clearly with hindsight, this feature set was absent in FTX - and discernible from the data that I outline below. 

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Sam Gaer