Partner
Norton Rose Fulbright US LLP
Steven Lofchie is a Partner based in New York. He advises financial institutions and corporate clients on the securities laws and the Commodity Exchange Act, with particular focus on the regulation of broker-dealers, swap dealers, investment funds and other market intermediaries. Steven's transactional practice focuses on securities credit and derivative transactions.
Recent Articles & Comments
Few things are more dangerous to financial institutions than rogue employees. For example, cost Société Générale approximately 4.9 billion Euros. concealed trading arguably put Kidder Peabody out of business. While the current incident was very small-time by those standards, it should renew the lesson to firms of the importance of closely watching their own traders.
The results of this study are welcome and expected. For quite some time, the regulators , notwithstanding both and common sense (how could regulations that heavily burden trading not impact liquidity?). That said, the fact that the regulations impair liquidity does not mean that the regulations are bad. All it means is that the regulations create trade-offs; one can reasonably argue that the diminished liquidity is worthwhile. It is important, however, that the regulators…
The SEC appears ready to focus on core concerns (e.g., capital formation) and not on topics that appeal to a political constituency (e.g., conflict minerals).
Will the CFTC rule changes cause the SEC to revisit its own rules? It would seem to be the right thing to do.
Music Selection: "."