News & Insights

Help
19639 News Results

In a blog post titled " Hit the Road, State Street ," University of Houston finance professor Craig Pirrong discussed the recent exit of smaller firms from the swaps clearing business and argued that the industry has become "highly concentrated and dominated by major dealers." Professor Pirrong commented that State Street's announcement that it is exiting the swaps clearing business to "focus on trading other types of derivatives, particularly more traditional exchange-traded futures, that have not been subject to broad new regulations," is not surprising. Professor Pirrong had predicted that

The Federal Reserve Bank of New York released a staff paper that analyzes the reasons why financial professionals may move back and forth between the government and the private sector. The paper disputes the notion that there is a "revolving door" between the government and the private sector that results in lax regulation. It goes on to suggest that government regulators may benefit from harsh regulation, making them more desirable as future private sector employees. See : " The Revolving Door and Worker Flows in Banking Regulation " (Staff Report).

"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.

Statement of Commissioner Chilton Regarding the Importance of Protecting Customer Funds Stating that "[o]ne of the most important functions of my job is to ensure that customer funds are protected [and that] when something like the MFGlobal debacle happens, I go into high gear," CFTC Commissioner Bart Chilton provides assurance to the markets by issuing a statement saying: "I will continue--daily--to monitor the active oversight action of our staff's activities in this matter. Right now, this is top on my agenda." Chilton also states that he intends to "actively pursue any and all other

"CAN THE CFTC SEE THE BIG PICTURE?" In a speech delivered before a gathering of ISDA members, CFTC Commissioner Scott O'Malia reviews the agency's implementation of Dodd-Frank mandates and highlights his concerns, including the lack of robust cost/benefit analysis in Dodd-Frank rulemaking.