Posts Tagged ‘Bill Brodsky’
Wednesday, January 6th, 2010
CFTC Chairman Gary Gensler kicked off the new year by outlining his goals for regulatory reform in a speech before the Council on Foreign Relations today. In it, Gensler blamed over the counter (OTC) derivatives for much of the financial crisis of 2008. “I believe that over the counter derivatives were at the heart of the crisis. We have all witnessed firsthand the effects that unregulated derivatives had across the entire economy,” he said. (more…)
Tags: Bill Brodsky, CBOE, Gary Gensler, OTC, regulation
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Wednesday, October 21st, 2009
Regulation talk was all the rage at the Futures Industry Association’s annual expo in Chicago today. In his keynote address, Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler reiterated past talk about over the counter (OTC) derivatives clearing reform and CFTC-SEC harmonization. Exchange leaders also weighed in with thoughts about how some of the proposals coming down the pike could make the U.S. futures industry less competitive.
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Tags: Bill Brodsky, CFTC, Futures Industry Association, Gary Gensler, John Damgard, OTC, regulation, Terry Duffy
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Wednesday, September 2nd, 2009
CME Group CEO Craig Donohue had a very relevant quote during today’s meetings on harmonization between the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC). Alluding to the differences between the securities and futures markets, Donohue said it was like “Greeks speaking Chinese to people who speak Portuguese.” Sorting out the regulatory overlaps between the CFTC and SEC and achieving the harmonization called for by President Obama’s regulatory blueprint is a complicated matter indeed. The two agencies must complete a report on harmonization by Sept. 30. Otherwise, the matter will be forwarded to the Financial Services Oversight Council. CFTC Commissioner Bart Chilton said he was optimistic that the two agencies could “solve their issues without ’Mom and Dad’ in the form of the Treasury Department stepping in.” (more…)
Tags: Bill Brodsky, CBOE, CFTC, CME Group, Craig Donohue, Options Clearing Corporation, regulation, SEC, Wayne Luthringshausen
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Thursday, June 18th, 2009
Industry leaders wasted no time commenting on the Obama Administration’s new regulatory reform proposal, “Financial Regulatory Reform: A New Foundation,” released yesterday.
The proposal received mostly a chorus of praise from the industry. CME Group called it “a significant step towards restoring confidence in the integrity of financial markets.” International Swaps and Derivatives Association CEO Robert Pickel said in a statement that it “provide[s] an important framework for financial regulatory reform.” In his statement, Futures Industry AssociationPresident John Damgard “commend[ed] the administration for the thoughtfulness and comprehensiveness of its plan.” In a statement, Chicago Board Options Exchange ChairmanBill Brodsky said, “We are particularly pleased that the plan recognizes the need for greater coordination and harmonization of the SEC and CFTC, including streamlining the approval of new products and rule filings.” But not everyone is singing the proposal’s praises. (more…)
Tags: Barack Obama, Bill Brodsky, CBOE, CFTC, CME Group, credit default swaps, John Damgard, OTC, Robert Pickel, SEC, Treasury Department
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Friday, May 1st, 2009
Regulatory issues are all the rage today in Weston, Florida, at the 27th Annual Options Industry Conference. At a press breakfast this morning, Chicago Board Options Exchange Chairman Bill Brodsky discussed the changing of the guard at the Securities and Exchange Commission and Commodity Futures Trading Commission. He called new SEC chair Mary Schapiro “as well qualified as anyone in recent history” and said the SEC “has a really good cadre of commissioners.” Meanwhile, confirmation for President Obama’s nomination to head the CFTC, Gary Gensler, is being held up by various political stalemates in the Senate. Brodsky said he “doesn’t know whether [Gensler] will make it” but hopes to see him get the job.
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Tags: Bill Brodsky, CBOE, CFTC, Gary Gensler, SEC
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