Philip McBride Johnson looks back on a key moment in derivatives regulation.
December 7, 2011 marked the 70th anniversary of the Japanese
attack on Pearl Harbor that marked America's entry into World
It was also the 30th anniversary of a lesser moment - the
unveiling of the "Shad-Johnson Accord," a peace treaty between
the Commodity Futures Trading Commission (yours truly) and the
Securities & Exchange Commission (led by John Shad)
establishing the CFTC's right to regulate futures contracts on
major stock indexes, the first time the SEC had ceded
jurisdiction over an equity-based financial product.
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