交易员表示，加密货币交易所对大宗经纪商的压制是市场效率的倒退

币安和 OKX 表示，堵住加密货币主要经纪商可以提供较低费用的漏洞是为了提高透明度并创造公平的竞争环境。

Major crypto exchanges are clamping down on prime brokers, a move that some market participants say could harm markets by making them less capital-efficient and less efficient overall.

主要的加密货币交易所正在打压主要经纪商，一些市场参与者表示，此举可能会降低市场的资本效率和整体效率，从而损害市场。

As reported by CoinDesk last month, Binance was the first to prevent prime brokers from leveraging its multitiered fee system to lower their own costs and offer rebates to clients, making changes to its Link Plus interface. Now, OKX appears to be following suit and clamping down on access to its VIP fee program.

据 CoinDesk 上个月报道，币安是第一个阻止主要经纪商利用其多层收费系统来降低自身成本并向客户提供回扣的公司，并对其 Link Plus 界面进行了更改。现在，OKX 似乎也效仿并限制其 VIP 收费计划的使用。

The move by the exchanges is designed to level the playing field for their users while ensuring they have visibility into the identity of the prime brokers' customers, among other things. But others see it as a step backward, at least from the perspective of creating more efficient markets.

交易所此举的目的是为其用户提供公平的竞争环境，同时确保他们能够了解主要经纪商客户的身份等。但其他人认为这是一种倒退，至少从创造更有效市场的角度来看是这样。

Cryptocurrency markets were built for retail customers, first and foremost, and that’s why they differ so dramatically from traditional finance. In mature markets, prime brokers offer institutions the equivalent of a simple bank account, behind which an army of intermediaries safely stores cash and assets and facilitates trades at lightning speed across a range of venues. Prime brokers also provide credit, allowing traders to shuffle and change positions, with everything netted down and settled a day or two later.

加密货币市场首先是为零售客户而建立的，这就是为什么它们与传统金融有如此巨大的不同。在成熟市场中，主要经纪商为机构提供相当于简单银行账户的服务，背后有大量中介机构安全地存储现金和资产，并在一系列场所以闪电般的速度促进交易。大宗经纪商还提供信贷，允许交易者洗牌和改变头寸，所有的一切都会在一两天后结算并结算。

Crypto’s capacity to disintermediate and deliver real-time settlement by blockchain means large participants with multiple simultaneous trades have to fund all their positions up front across a group of large, vertically integrated exchanges. Prime brokers solve that funding problem through their lending and financing component, points out George Zarya, the CEO of Bequant, a prime brokerage firm that services crypto clients.

加密货币通过区块链去中介化和提供实时结算的能力意味着同时进行多项交易的大型参与者必须预先在一组大型垂直整合的交易所中为其所有头寸提供资金。为加密客户提供服务的大宗经纪公司 Bequant 的首席执行官 George Zarya 指出，大宗经纪商通过借贷和融资部分解决了融资问题。

By cutting the brokerages' access to lower fees, the exchanges may – possibly inadvertently, possibly not – be making the crypto market less attractive for them.

通过削减经纪公司获得较低费用的机会，交易所可能——可能是无意的，也可能不是——降低了加密货币市场对他们的吸引力。

“Exchanges have decided that intermediaries are not necessary. They can provide loans as well, right?” said Zarya in an interview. “But they can only provide loans for the positions that are based on their exchange. They cannot provide portfolio margin, which includes your positions across the entire market. So essentially we're moving towards less capital-efficient markets.”

“交易所已经决定不需要中介机构。他们也可以提供贷款，对吗？”查莉娅在接受采访时说道。 “但他们只能为基于其交换的头寸提供贷款。他们无法提供投资组合保证金，其中包括您在整个市场的头寸。因此，从本质上讲，我们正在走向资本效率较低的市场。”

Large crypto exchanges are leaning towards “liquidity capture,” said Brendan Callan, CEO of Tradu, a recently launched crypto exchange owned by investment banking group Jeffries. In other words, they are creating a captive audience model, where trading volume is increased because a user has to continually get in and out of positions on that exchange.

Tradu 的首席执行官布伦丹·卡兰 (Brendan Callan) 表示，大型加密货币交易所倾向于“捕获流动性”。Tradu 是投资银行集团 Jeffries 旗下最近推出的加密货币交易所。换句话说，他们正在创建一个专属受众模型，其中交易量会增加，因为用户必须不断地在该交易所进出仓位。

The result is a discrepancy in bid prices on very popular and liquid pairs like BTC/USDT from one exchange to the next, Callan said. The inter-exchange discrepancies would appear “bonkers” to a conventional currency trader, he said, because liquidity providers all clear to a prime brokerage account behind the scenes so they can make markets on any other exchange.

Callan 表示，结果是 BTC/USDT 等非常受欢迎且流动性强的货币对在不同交易所之间的出价存在差异。他表示，对于传统货币交易者来说，交易所之间的差异似乎“疯狂”，因为流动性提供者都在幕后向大宗经纪账户进行清算，这样他们就可以在任何其他交易所做市。

“It means you don't have this friction of counterparty risk thresholds across all of these exchanges. But the crypto exchanges themselves are insisting on this because they want that capture,” Callan said in an interview. “They want you to have to get in and out of positions on their exchange, because it boosts their volume, but it's at a cost to the quality of their liquidity. There's not as much depth in the market behind each quote and it's very sporadic.”

“这意味着所有这些交易所都不存在交易对手风险阈值的摩擦。但加密货币交易所本身坚持这样做，因为他们想要捕获，”卡兰在接受采访时表示。 “他们希望你必须在他们的交易所进出头寸，因为这会增加他们的交易量，但这是以牺牲他们的流动性质量为代价的。每个报价背后的市场深度都不够，而且非常零散。”

CoinDesk is an independent operating subsidiary of Digital Currency Group, which also owns Grayscale, Genesis and Foundry.

CoinDesk 是数字货币集团的独立运营子公司，该集团还拥有 Grayscale、Genesis 和 Foundry。