University of Houston Finance Professor Craig Pirrong considered the underlying reasons for the volatility occurring in the U.S. overnight funding markets in mid-September.
University of Houston Finance Professor Craig Pirrong analyzed Commissioner Dan Berkovitz's support for Dodd-Frank reforms that "have in fact likely increased concentration" by increasing fixed regulatory costs for those operating in this sector.
University of Houston Finance Professor Craig Pirrong rejected current conjecture that recent market sell-offs are due to technology, such as automated, algorithmic or high-frequency trading.
University of Houston Finance Professor Craig Pirrong analyzed a recent court determination that a Chicago trader and his firm had neither manipulated nor attempted to manipulate the price of certain interest rate swaps.
University of Houston Finance Professor Craig Pirrong detailed several "fundamental flaws" in the Dodd-Frank Act and its adverse effects on financial markets.
In an interview with Risk Desk editor John Sodergreen, CFTC Chief Market Intelligence Officer Andy Busch described his new role and a new "more rigorous approach to policymaking."
University of Houston Finance Professor Craig Pirrong applauded the SEC's new Special Study of the Securities Market and questioned whether the SEC Order Protection Rule is necessary to sustain a competitive equity trading marketplace.
New CFTC Division of Market Oversight Director Amir Zaidi stated that the division would focus less on enforcement and more on market intelligence and policy reform.
University of Houston Finance Professor Craig Pirrong criticized regulators for concentrating on reforming the OTC derivatives market while ignoring the "myriad connections of this market to other parts of the financial market."
In an interview with Risk Desk editor John R. Sodergreen, former ICE eConfirm Chief Bruce Tupper and former CFTC attorney Peter Kavounas describe the launch of TransVix, a trucking futures and options exchange.
University of Houston Finance Professor Craig Pirrong asserted that Deutsche Bank's exit from U.S. swaps clearing due to capital cost concerns is symptomatic of "how major portions of Dodd-Frank and the regulations emanating from it need a thorough review and in some cases a major overhaul."
Risk Desk Editor John Sodergreen examined the evolution of the financial technology industry in light of Acting Chair J. Christopher Giancarlo's stated intention to "embrace Fintech to a level not seen before at the agency."
University of Houston Finance Professor Craig Pirrong argued that regulatory efforts to make central counterparties more resilient might help to mitigate credit risk, but they also exacerbate liquidity risk, which in turn creates the "recipe for a broader market crisis."
"The Risk Desk" editor John R. Sodergreen described the debate between CFTC Chair Timothy Massad and Commissioner Chris Giancarlo over an amendment to proposed Regulation Automated Trading that would allow the CFTC access to an algorithmic firm's trading source code without first issuing a subpoena.
University of Houston Finance Professor Craig Pirrong described the "horror story" of systemic clearing mandates, and explained why he remains skeptical that regulators will "take heed of the lessons of Brexit."
In response to reports that the European Commission is finalizing legislation on Central Counterparty recovery, University of Houston Finance Professor Craig Pirrong identified sources of "fundamental tension" that underlie the final resolution authority.
Former CFTC Commissioner Sharon Brown-Hruska criticized the removal of the requirement to demonstrate price artificiality in attempted manipulation and disruptive trading practices cases.
Energy Metro Desk Editor John Sodergreen examined a recent Chicago Mercantile Exchange notice that denied a trader access to all of its markets for 60 days during its ongoing "spoofing" investigation.
Starting at 1:00 p.m. today (September 9, 2016), Energy Metro Desk is hosting an afternoon of panel discussions and speeches on key elements of market manipulation and spoofing policy. The event will feature Cadwalader partners Gregory Mocek and Paul Pantano, along with several industry participants, government officials and surveillance experts.
University of Houston Professor Craig Pirrong argued that a paper on central clearing authored by the Office of Financial Research asked the wrong questions and ignored important factors concerning risk.
Energy Metro Desk Editor John Sodergreen discussed the CFTC's proposal to regulate automated trading, which was the subject of a recent hearing held by the House Agriculture Committee.
