New Court Battle Points to Overlap Between CFTC and SEC

The U.S. Commodity Futures Trading Commission (CFTC) will now deal with another court case that could bring into question the regulatory terrain shared between the CFTC and SEC. CFTC Wins First Round The mutual-fund industry filed an appeal to the U.S. Court of Appeals for the District of Columbia Circuit...

CFTC-SEC Merger Update: Transaction Tax, ICE-NYSE

Could the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) ever merge? The prevailing logic is no: the appropriations committees in Congress would never relinquish their turf. Yet the recent merger between InterContinental Exchange (ICE) out of Atlanta and...

Barney Frank Takes Advantage of GOP Confusion Over SEC-CFTC Merger

Two weeks ago we wrote about the growing call for an SEC-CFTC merger from both sides of the aisle (find the story here). Now, Barney Frank is making one last push for the merger before his upcoming retirement. Barney Frank Spies Opportunity It may be true that merger talks have gone nowhere in the past, but...

SEC Update: Mary Schapiro Steps Down, Elisse Walter New Chairwoman

The Securities and Exchange Commission (SEC) will have a new chairwoman beginning on Dec. 14. On that date, Mary Schapiro, the current chairwoman and Obama administration appointee, will step down. Schapiro took over the SEC after the agency failed to identify the Madoff Ponzi scheme. The SEC under Schapiro...

Should the CFTC and SEC Merge?: Both Sides of the Aisle Weigh-In

Calls for the CFTC and SEC to merge are now coming from both sides of the aisle. House Republicans agree with the New York Times that better oversight would be achieved through a merger. In a report released today, the House GOP is blames the downfall of MF Global in part on a rift between the agencies. The...

Slow Down or Speed Up?: Dodd-Frank, CFTC, SEC After Election

Now that Obama has won re-election, it remains to be seen whether the Commodity and Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) will slow down or speed up their implementation of financial regulation stemming from the Dodd-Frank Act. Ironically, Obama’s election may...

Are SEC Capital Rules on Credit Derivatives Too Tough?

New Security and Exchange Commission (SEC) capital rules have banks threatening to stop offering client clearing for credit derivatives. The rules demand that futures commission merchants (FCMs) take a capital charge on a customer’s portfolio, regardless of concerns about margin variation or missed...

CFTC, SEC Host Private Election Day Meeting for Foreign Regulators

The U.S. Commodity Futures Trading Commission (CFTC) and Securities Exchange Commission (SEC) are meeting in private on election day to discuss international compliance. At issue is exactly how the global economy will move forward to regulate the $648 trillion swaps market. The private meeting is being held...

Derivatives Regulators (CFTC, SEC) Back Customer Protection Rules

Entities that regulate the derivatives industry, like the SEC and CFTC, are proposing a new rule that increases protections for customer funds. Commodity and Futures Trading Commission (CFTC) Chairman Gary Gensler said yesterday that the CFTC voted 5-0 behind closed doors to endorse the proposal. “This...

SEC Capital Requirement Stirs Controversy

A new rule on capital requirements proposed by the Securities and Exchange Commission (SEC) is causing controversy. The rule mandates that financial institutions will be required to hold between $20 million and $5 billion in capital for their securities derivatives. The SEC maintains that the proposed...
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