I guess we'll finally get to see if they really have "outsized demand" or not.
One revision to the rulebook, though, that I'm not too keen on:
https://ledgerx.com/wp-content/uploads/2017/09/9-19-17-LedgerX-40-6-Submission-Rulebook.pdf"Except as otherwise provided herein, Collateral must be and remain unencumbered. Each Participant posting collateral hereby grants to the Exchange a continuing first priority security interest in and lien on, lien on, right of setoff against and collateral assignment of all of such Participant’s right, title and interest in and to any property and collateral deposited with the Exchange by the Participant, whether now owned or existing or hereafter acquired or arising, ...."The bolded wording above was recently added to their rulebook. Doesn't the phrase "or hereafter acquired or arising" defeat the whole 'fully collateralized' backing notion, if the collateral has not been acquired yet? Am I reading that correctly?
Seems like some funny legalese to me. I fear this wording could allow naked swap positions.
