On its face, FINRA Rule 5250 seems common-sensical. However, given the high costs of making a market in securities, and reports that there are few firms that are willing to go to the effort and expense in making markets in the securities of small issuers, it may be appropriate to allow issuers to provide a broker-dealer some reward for being willing to commit capital to make a market in the issuer's stock, particularly if the fact of the payments and perhaps the amount and conditions were…

The regulators have recently pushed the FICC to substantially increase liquidity requirements with respect to cleared repos. This will (i) materially raise costs to firms that centrally clear repos, and (ii) encourage firms to move back to bilateral clearing. . In the case of the clearing of government securities, there is a flight to quality during a time of financial crisis. Consequently, there would seem to be no need for increased regulation (that is, in a crisis, liquidity will flow…

The notion that the departed head of the CFPB can simply bequeath control of one of the most powerful agencies in the federal government to a former subordinate seems, on its face, far-fetched. Democrats may very well have objections to the new Acting Head of the CFPB, but query whether those objections justify tearing at any reasonable process of good government to allow departed government officials to bestow their power by will on the next generation. If a court were to find that the…

Leaving aside the merits of this lawsuit, if any, the result of a victory by Ms. English would be that she would have the right to stay in office for a few more months, to fill out Mr. Cordray's appointed term. President Trump would then appoint the new Director. If a Democrat were then to be elected President, President Trump's appointee could either stay in place or gift control of the agency to another CFPB employee of that appointee's choosing. To say that this would be an odd result,…