← All EvidenceOpeningDefense Opening Statement Mark S. Cohen
Documents & Records
Section of FTX's terms of service relating to margin trading
The displayed section addressed FTX margin trading. The defense described margin loans as exchange loans backed by customer collateral and said the business issue was whether a borrower had sufficient security or collateral.
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The defense displayed the terms during its opening statement to preview its position that margin lending was permitted and collateralized and that Alameda's borrowing should be viewed in that business context.