A few market observers in London and Paris took much
delight in a story doing the rounds last week. Apparently
shares in Deutsche Börse were pushed higher on "vague
market talk" that Euronext was planning to make a bid for the
German exchange. A rumour perpetuated by someone long of
Deutsche Borse shares, perhaps.
Every six months the US Commodity Futures Trading
Commission publishes a list of things it intends to do "over
the next year". In late May, the latest list of such ambitions
was published. One item has to do with authorising US investors
to trade security futures products like single-stock futures
that are listed on foreign markets, an activity that is
currently prohibited. The estimated completion date for this
move is January 2004. But Congress set a due date of 21
December for implementation. CFTC refers to this as the "legal
deadline". If so, is January 2004 the "illegal deadline"?
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