Posts Tagged ‘Gary Gensler’
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
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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
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Tuesday, March 23rd, 2010
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.”
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Tags: CFTC, Gary Gensler, speculators
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Saturday, March 13th, 2010
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.
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Tags: CFTC, CME Group, futures exchanges, Gary Gensler
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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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Tuesday, October 20th, 2009
On the eve of the annual Futures Industry Association’s Futures and Options Expo there is a lot of activity and rumors floating around.
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Tags: CFTC, CME Group, ELX Futures, Gary Gensler
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Wednesday, July 8th, 2009
As a reporter covering the futures markets, it’s not often that the mainstream media has its eye on what’s going on in my world. But on my way past a newsstand this afternoon, I noticed that the front pages of both the New York Times and the Wall Street Journal (admittedly, not quite as mainstream) featured stories about the thing that’s got traders buzzing again: Washington attacks on speculators. The speculation blame game is nothing new (in fact, this time last year several mainstream media outlets got into the act of covering it, including 60 Minutes, in an infamous and much-maligned-within-the-industry piece). Last summer there were hearings galore in the House and Senate blaming speculators for the rising price of oil, while the Commodity Futures Trading Commission (CFTC) said all evidence was to the contrary. But this time, it’s different.
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Tags: Barack Obama, CFTC, Gary Gensler, New York Times, speculators, Wall Street Journal
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Monday, June 22nd, 2009
In testimony before the Senate Banking Committee today, Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler laid out some objectives for the regulation of over the counter derivatives, including modification of the Commodity Exchange Act (CEA). OTC derivatives are still a hot topic in the industry, especially after President Obama’s regulatory reform proposal last week called for both the Securities and Exchange Commission (SEC) and CFTC to have a hand in regulating them. (more…)
Tags: CFTC, Gary Gensler, OTC, regulation, SEC
Posted in Regulatory/actions | 1 Comment »
Thursday, May 21st, 2009
The Securities and Exchange Commission (SEC) has, to put it mildly, had a not-so-great record of keeping fraud in check over the past few years, and now the U.S. government could be taking action. The Obama administration could strip the SEC of some of its powers as part of a regulatory overhaul, according to Bloomberg. While the story merely speculates on the removal of powers, some of which would be handed over to the Federal Reserve, it’s an interesting idea and raises questions about where regulation in the United States is headed. (more…)
Tags: CFTC, Gary Gensler, SEC
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