Posts Tagged ‘Gary Gensler’
Friday, November 25th, 2011
The MF Global bankruptcy and liquidation procedure is getting stranger by the day. As those involved in figuring it out looked to take a Thanksgiving break — though MFGI customers still are looking to be made whole — an odd series of seemingly contradictory news items came out.
The good news is that the trustee located and began to bring in $1.3 billion in customer segregated funds. This may have prompted CME Group to increase the guarantee it made to the trustee to $550 million from $250 million. This is not an allocation but a “good faith” attempt by CME Group to expedite allocation of customer funds by the trustee. This followed the shocking news that nearly three weeks after the bankruptcy filing the trustee stated that the shortfall in customer funds could be twice as much as previously believed. (more…)
Tags: CFTC, Gary Gensler
Posted in MF Global, Regulatory/actions | 2 Comments »
Sunday, November 20th, 2011
It has been nearly three weeks since MF Global Holdings Ltd. filed for bankruptcy and its futures commission merchant and broker/dealer went into liquidation and more than three weeks since we learned that they were in distress, yet we seem further away from an explanation as to what happened. (more…)
Tags: CFTC, CME Group, Gary Gensler
Posted in Uncategorized | No Comments »
Wednesday, October 19th, 2011
There was a surreal exchange between Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler and Commissioner Michael Dunn during Tuesday’s open meeting of the Commission where final rules for position limits and Derivatives Clearing Organization (DCO) core principles were approved. (more…)
Tags: CFTC, Gary Gensler, regulation
Posted in Spec limits | 1 Comment »
Wednesday, May 4th, 2011
There has been a debate raging for more than three years as to the role of speculators in the ongoing bull market in commodities. It hit a head in 2008 when crude oil spiked to $147, subsided during the credit crisis and is back with us in force.
Henry Jarecki, chairman of Gresham Investment Management, a long-time figure in both cash and futures metals markets and the subject of our May cover story gave a lecture in April at Georgetown University titled, “The Relationship Between Commodity Futures Trading and PhysicalCommodity Prices.” (more…)
Tags: CFTC, Congress, Gary Gensler, speculators
Posted in Regulatory/actions, Speculators | 2 Comments »
Thursday, December 2nd, 2010
The Commodity Futures Trading Commission (CFTC) has finally come around to making close to an official statement (kinda) on the Administrative Law Judge (ALJ) controversy we first brought to your attention in October.
If you recall retiring ALJ George H. Painter went out with a bang, claiming fellow CFTC ALJ Bruce C. Levine had a 20-year old policy of never finding for a complainant. Painter requested his remaining cases be reassigned to a judge outside the Commission in order for complainants to get a fair hearing in the notice announcing his retirement.
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Tags: CFTC Judge dispute, Gary Gensler
Posted in Regulatory/actions | No Comments »
Wednesday, September 15th, 2010
The financial landscape has become an alphabet soup of regulators, exchanges and registration categories that range from APs to USD. With the passage of the Dodd-Frank bill we have seen even more added, including some that we don’t even know what they will do or what they will look like yet. Two that we are still figuring out are swap exchange facilities and security-based swap exchange facilities, aptly shortened to SEFs and SB SEFs. To be fair, there has been talk for years about moving swaps to exchanges and clearinghouses. Until Lehman Brothers’ collapse, though, that’s all it really was – talk. Now with a government mandate, the clock is ticking before SEFs are expected to be up and running.
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Tags: bailout, CFTC, Congress, economy, Financial Regulatory Reform, futures exchanges, Gary Gensler, OTC, regulation, SEC
Posted in Markets, Regulatory/actions | No Comments »
Wednesday, May 12th, 2010
There have been a number of theories floated regarding what caused last Thursday’s “flash crash” in equity markets but to date no one has provided a definitive explanation.
The first story was that someone keyed in “B” for billion instead of “M” for million on an equity order in Procter & Gamble. P&G was one of the first stocks where odd price behavior was observed, which is probably the essence of that rumor. That has never been confirmed and I am not sure of any system that accept orders that way, most you must enter the numeric value — hence the term fat fingered error (holding down the zero key for an extra beat increasing the order X10, X100 or X1,000). A larger broker dealer that was cited in several stories denied that a fat fingered error by one of its traders was the cause of the crash. (more…)
Tags: CFTC, Flash crash, Gary Gensler, NYSE Euronext
Posted in Markets, Regulatory/actions | No Comments »
Friday, March 26th, 2010
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.
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Tags: CFTC, Gary Gensler, OTC, regulation
Posted in Regulatory/actions | No Comments »
