Although the CEA makes insider trading illegal, as a practical matter that illegality has been of limited significance. For the most part, the concept of material nonpublic information is not broadly relevant as to many commodities in the way that it is to corporate issuers. With event contracts where money is at stake on very non-traditional commodities, there are clearly going to be many situations where certain individuals have information advantages. Congress, regulators and courts will…

It's a shame that Congress is so divided that it cannot resolve this issue, one way or the other. It is not a healthy resolution for the CFTC to be suing what seems to be a majority of the states on an interpretative question that is not free from doubt.  

The move to 24 hour trading will require significant rethinking of what a "day" means for regulatory purposes; e.g., what is close of day for determinations of value and for segregation requirements. This is a step in that rethinking, although there is quite a bit more that remains to be done. DTCC did not explain why future-dated confirmations would not be accepted on Fridays or before holidays.  

The decline in the number of SEC-registered issuers has been going on for a long time, and has been generally perceived to be a problem in that (i) such decline indicates that small issuers do not find "going public" to be a good way to raise money and (ii) the decline in the number of public issuers deprives retail investors of opportunities to invest in a significant number of companies.  

While the SEC under Chair Gensler acknowledged the extent of the decline in…