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We are sorry to report that UBS’s co-head of Asian equity derivatives trading, Neil McCormick, died in an accident in London in early June. We offer our condolences to his family, friends and colleagues.
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The US Senate opened a new chapter in financial markets history yesterday afternoon by passing the Dodd-Frank Wall Street Reform and Consumer Protection Act by 60 votes to 39.
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It’s lucky the cavalry happened to be passing. Deputies O’Malia and Dunn were sound asleep when Cantor and Veriana’s Knockabout Hollywood Carnival rolled into town and tried to pitch its tents in the main square.
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The Dodd-Frank Act still includes watered-down versions of the Volcker Rule and the Lincoln Amendment, both of which seek to limit deposit-taking banks’ engagement in riskier activities, often involving derivatives.