From Michael Greenberger, former CFTC General Counsel, at the Make Markets Be Markets conference. (HT Credit Risk Chronicles)
Pending Derivatives Legislation and Legislative Proposals
The Obama Administration White Paper
In response to the catastrophic systemic failure caused by unregulated derivatives, the Obama Administration in its June 2009 White Paper proposed that all standardized OTC derivatives be subject to clearing and [...]
Repost from Chris Whalen’s Institutional Risk Analyst:
~~~ “… Thus we extend and pretend, a policy choice that ensures years of economic stagnation and perhaps even a new financial crisis when non-bank financial institutions start to fail due to ZIRP and the related predations of OTC derivatives. The Fed argues that the large banks cannot be restructured because [...]
Friday, February 26, 2010
Transparency creates stability in financial markets… this is a foundational precept of our system but is rarely argued… the following is from a speech by CFTC Chairman Gensler to the “Energy Bar Association” on February 24th…
~~~ Transparent Trading Requirement
“… It is not enough, though, simply to promote transparency to the regulators.
Financial reform will be incomplete [...]
Wednesday, February 10, 2010
The Chicago Fed has published a short paper on high frequency trading… makes you wonder how much economic activity this trading represents for the Chicago area…
The fundamental issues around high frequency trading are systemic risk and investor fairness. Unfortunately this paper doesn’t address either one of those issues…
From the conclusion of the paper “Controlling risk in [...]
Friday, November 20, 2009
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Thank you Chairman Gensler for your heavy lifting on derivatives reform.
More on derivatives reform at Riski…
The aftermath of the Credit Panic of 2007-2009 includes the destruction of large swaths of the global financial system.
Good riddance to excessive leverage, the structured finance market and the shadow banking system… you brought us nothing and left us with an expensive pile of too-big-too-fail wreckage…
A war to establish the contours of the financial system [...]
Filed in Open engines, Regulatory, Restructuring, Transparency
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Also tagged AIG, bailout, Bear, CDS, CFTC, Citi, Congress, Federal Reserve, Lehman, SEC
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April 21st, 2009 – FIX Protocol Ltd (FPL) is proud to announce that the Financial Information eXchange (FIX) Protocol Version 5.0 Service Pack 2 is now publicly available for download from the FPL website at www.fixprotocol.org/specifications/fix5.0sp2spec.
The FIX Protocol was originally developed to facilitate improved communications between buy-side and sell-side market participants, however over recent years significant interest [...]
There are many alternative trading systems (ATS) in the fixed income markets… they have slightly different price discovery, quotation and trade reporting structures… think of them as “liquidity pools”…
I’ve always thought the important thing for market transparency and fairness is that all investors have access to all bids and offers on an ATS (think of eBay’s [...]
Here is a simple way to create public price reporting of OTC CDS… it would be very simple to turn the DTCC Warehouse into a public trade reporting system like TRACE is for corporate bonds… the winds seem to be blowing towards keeping this a dark market though… too bad… from Wall Street and Tech …
~~~~ New [...]
FIX Protocol Ltd (FPL) is proud to announce that the first draft of the Financial Information eXchange (FIX) Protocol version 5.0 Service Pack 2 is now available for public download and comment from the FPL website at http://www.fixprotocol.org/fix5.0sp2drafts.
FIX 5.0 Service Pack 2 includes 19 Extension Packs, each of which enhances the current functionality delivered by [...]