Does this support article apply to me?
- You can determine if you held derivative positions by going to Step 4 of the Customer Claims Portal and clicking on the ‘Positions’ tab. If you have derivative positions, your screen will be similar to the screen below. If you do not have derivative positions, you will see that the page states that there are no matching records. Sample pages are as follows:
How are my derivatives positions scheduled?
- In the initial customer claims schedule filed on March 15, 2023, all open derivative positions were assumed to be closed and included in the USD balance. This is consistent with ordinary course exchange operations and what you would have seen on your account when the exchange was previously operational.
- In the amended customer claims schedule filed on June 27, 2023, all open derivative positions as of Petition Date and time (November 11, 2022) are broken out into separate line items to show quantities of contracts held by derivative ticker.
- This update was done in response to customer requests to separately show derivative position quantities.
Why has my USD amount changed?
- The full market price of any open derivative position as of the Petition Date (November 11, 2022) is netted from the USD balance so it can be shown separately on its own line item.
How are derivative positions valued to change my USD amount?
- Derivative positions are valued using the FTX exchange pricing as of Petition Date or shutdown time - November 11, 2022 at 15:00:00 UTC for FTX.COM and FTX.US customers and November 12, 2022 at 03:28:48 UTC for FTX EU customers.
- The final USD equivalent valuation will be determined at a later date.
How have these updates changed the overall value of my claim?
- The above actions do not change or impact the overall value of your claim.
- The purpose of the change in the Customer Claims Portal is to separate any derivative positions into separate line items to provide more transparency.
How do I get back to the USD amount I am used to seeing?
- To view your balance in a USD amount, value all your scheduled derivatives as of the Petition Date or shutdown time (November 11, 2022 15:00:00 UTC for FTX.COM and FTX.US customers and November 12, 2022 03:28:48 UTC for FTX EU customers) and add to the USD ticker.
- Below you will find an illustrative example of both a long and short open derivative position and their impact on the USD amount and the schedules (Initial vs. Amended).
Why is my USD balance negative now?
- Your USD balance may be negative due to the methodology outlined above (as mentioned above, this does not represent the final value of your claim).
- For example, if your USD balance in the illustrative example above was $5,000 vs. $20,000, your USD balance in the amended schedules would be negative $5,000 – see detailed example below.