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Neal Wolkoff: ELX is the second pool
01 April 2010
Philip McBride Johnson argued in a recent comment article against ELX Futures’ desire to use exchange of futures for futures. Here, Neal Wolkoff, chief executive of ELX Futures, responds to that article.
Read more:
[ELX Futures]
[Neal Wolkoff]
[CME Group]
[Philip McBride Johnson]
[exchange of futures for futures]
[EFF]
[US Treasury futures]
[interest rate derivatives]
The former chairman of the Commodity Futures Trading Commission, Philip McBride Johnson, opined that ELX’s rule on exchange of futures for futures, which the CFTC approved in October 2009, was like the following property trespass:
“RESOLVED, that effective immediately, the Johnson family shall have full and unfettered access to their neighbour’s swimming pool.”
While it sounds folksy, it fails as a good metaphor on several levels.
Does the Johnson family’s neighbor own the water company? Does that family keep access to the water strictly available for its own pool? Do we care if...
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