Conversation

7) I'm happy with the decisions we've made--and I'd make them again. The single most important thing for us, and for the industry, was to build constructive, respectful relationships with regulators, and that's been our single biggest focus.

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8) And, as such, FTX is now licensed in more countries than any other exchange in crypto--dozens more. And we'll keep pushing forward, working to build out safe, robust regulatory frameworks, and to comply with them. Because that's the most important thing for the industry.

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9) But it has come at the cost of a *lot* of time--particularly dev time. Behind the scenes, we've spent thousands of hours this year building out more and more robust compliance, reporting, KYC, and localization systems. Meanwhile, our market share grew this year--a lot!

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10) But as our volume grew, we used up the slack in our system--in this case, the slack in our matching engine. Over the last few months, we've been hitting system max processing capacity more and more. And probably relatedly, our market share stagnated a bit.

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11) And, while it was an imminently solvable problem, it was one that would take a lot of careful work--work we put off, possibly longer than we should have, to care for other priorities.

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12) Anyway, over the last few months we've put a ton of time into reducing latency and increasing throughput. And, this week, we finally started rolling out the upgrades. Thanks, to everyone who pushed us to get better; and sorry, that this didn't come sooner.

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13) So, users should now see: a) greatly reduced fill/position/balance reporting latency b) ~10ms lower order placement latency c) significantly increased order matching capacity There are more upgrades coming, but the first batch are live.

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14) Along with this, we're also making some changes to ratelimits. Going live Friday (Jan 21st) at 1pm EST: a) VIP/MM ratelimits will be increased by roughly 10% b) VIP/MM ratelimits will only apply to orders above a certain size threshold (~$1k-$5k), depending on the market

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Replying to

does b) also apply to the 20 orders per second per-sub ratelimit, or does every firm still need to write a bunch of code to split orders from a single strategy across 50 subs and deal with the fact that futures positions cannot be netted across subs?