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July
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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June
Asking the SEC and CFTC to cooperate on new derivatives rules sounds like a great idea. But Philip McBride Johnson has a word of warning. The two see eye to eye about as much as Barack Obama and Sarah Palin.
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Why haven’t more investment firms sued Wall Street banks for selling them trashy bonds? Could it be, asks Philip McBride Johnson, because they are scared their own ineptitude will come to light?
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Promoters of film futures exchanges no doubt have the best of motives. But they have not managed to make the case that box office futures are workable – or desirable.
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May
You can almost hear the inertia – it’s like the grinding of heavy, rusty machinery.
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April
Binary options are no backwater of the options market, argues derivatives educator Rick Thachuk. Rather, they are a growth product for retail investors that is about to take off – like retail FX trading a decade ago.
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Large companies moaning about having to post collateral against derivatives have forgotten the real value of hedging, argues Philip McBride Johnson.
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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.
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March
The battle between CME Group and ELX Futures over exchange of futures for futures should not be happening, argues Philip McBride Johnson. ELX is simply trying to free-ride on CME’s liquidity.
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John Damgard’s letter campaigning against the Commodity Futures Trading Commission's proposed position limits on speculative energy trading contains the familiar arguments against controls on speculation.
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If the authorities compel clearing of OTC derivatives, they will be making a big mistake, argues Ruben Lee. The policy is likely to create problems, rather than solve them.
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February
Bankers support a global tax on banking? Next you’ll be saying turkeys are voting for Christmas. But that was the headline on Davos – and no wonder.
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As China prepares for the launch of equity index futures, the authorities are taking a careful approach to reform, argues Dean Owen, chief China representative at futures broker Newedge.
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Intense work is going on towards a new edition of the ISDA standard definitions for OTC equity derivatives. Sapient's Nick Fry and Ed Osbaldestin urge the market to do better than the last time.