I admit I had never seen new Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler speak before an audience. It isn’t because he’s been shy: since he joined the CFTC last year he has stormed through trading-related organization meetings giving speeches, reminiscent to Sherman’s army. And as the opening keynote at the Futures Industry Association’s (FIA) annual meeting in Boca Raton, Fla., Gensler did not disappoint.
Best-selling mystery writer Mary Higgins Clark has purchased a seat at the Chicago Board Options Exchange(CBOE), according to Crain’s. Clark is married to futures industry titan and former Merrill Lynch CEO John Conheeney. Personally, I devoured Clark’s novels in junior high, and I wasn’t alone, as Clark reportedly sold between 80 and 100 million copies in the U.S. Bloomberg reports that Clark paid $2.95 million for her seat. For CBOE itself, the latest mystery is what will happen in the wake of its much-delayed and long-anticipated IPO announcement a few weeks ago. Before the IPO announcement, CBOE and CME Group entered into a licensing agreement related to CBOE’s volatility franchise, leading to speculation about a larger deal between the two Chicago exchange operators.
Just two days before a public meeting at the Commodity Futures Trading Commission (CFTC) to “examine the trading of futures and options in the precious and base metals markets,” one CFTC Commissioner is not waiting to hear what the industry players have to say before coming to a conclusion on policy. CFTC Commissioner Bart Chilton in an interview with Kitco News said, “I have called Congress to amend our statute to give us the tools we need to deter, detect, and prosecute behavior that harms the pricing functionality of markets.”
(more…)
The outcome of the Commodity Futures Trading Commission‘s recent 10:1 forex leverage proposal is still in limbo, and forex dealers and traders (including many Futures readers) are still busy hurling their wrath at the agency until the comment period closes on March 22. But in the meantime, GAIN Capital/Forex.com released their outlook for forex markets for the second quarter of 2010. And the forecast is a muddled, choppy one. (more…)
Commodity Futures Trading Commission Chairman Gary Gensler has not endeared himself to the industry since taking the reins of the industry regulator. It has been an odd honeymoon as Gensler’s nomination was being held up by Senators concerned over his past advocacy of keeping over-the-counter trading free from direct regulation.
When the proposed rule release hit the airwaves back in January, the shock was deafening. This would be the Commodity Futures Trading Commission’s (CFTC) proposal: Regulation of Off-Exchange Retail Foreign Exchange Transactions. The industry was well aware new regulations were in the works, it just wasn’t so sure of the details. And as they say, the devil’s in the details.
