14 July 2025
Ian Simpson | 2 min read
Capital markets are in a state of flux – because of geopolitics, macro trends – as well as technology, like crypto and blockchain.
But some things remain the same – a need for effective use of capital, transparency and reducing uncertainty.
Chris Zuehlkle, Global Head of Cumberland, the crypto arm of DRW, knows all about it. From the early days of DRW’s foray into crypto, Chris has been involved in building Cumberland’s digital asset business and exploring all the challenges and opportunities.
In Part 1 of the episode, Chris and Ian Simpson explore:
- The resiliency of crypto markets
- How structures have changed in the last 10 years
- Risk management principles related to trading and settlement models
- The need for tokenized collateral
…and much more.
Episode show notes:
(1:38) – Intro and bio of Chris Zuehlke
(3:15) – How healthy are crypto markets today?
(4:56) – What would help market resiliency?
(5:25)- Addressing one of the biggest TradFI weakenesses
(6:34) – The beginning of Cumberland
(8:49) – Staying true to TradFi risk management best practices
(9:59) – The rapidly evolving market
(10:26) – A trading firm’s perspective on market opportunities
(11:43) – Curiosity with a “big boy” attitude
(12:44) – Being a trusted counterparty
(14:14) – Building robust processes in crypto markets
16:20) – What is “counterparty risk” today?
(17:43) – Why Cumberland is a “thoughtful organization”
(19:16) – Making painful decisions about market opportunities
(21:05) – How “new entrants” could raise the standard
(23:41) – Has handling risk in crypto gotten easier?
(24:33) – The “staggered development” of the market
(26:22) – The state of vertical integration in crypto market players
(29:49) – How DRW/Cumberland thinks of trading opportunities in crypto today
(32:53) – Does self-interest lead to a more balanced market?
(33:09) – How will low-latency tech change the game going forward?
(36:24) – Avoiding pre-funded trading…and why
(38:33) – How (and when) does Cumberland settle trades?
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Disclaimer: The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.