Recently appointed CFTC Chairman Tim Massad announced last week that there were “a lot of things” he would like to do to continue the CFTC’s goal of regulating financial markets, but that he is held back by strict congressional budget constraints
Maxine Waters, ranking member of the House Financial Services Committee, urged the CFTC this week to begin investigating the offshore actions of Wall Street banks in avoiding certain mandates set forth in the Dodd-Frank Act.
While this will be a sizable increase to the CFTC budget, up 30 percent from the current $215 million, this new budget increase falls short from last year’s request of $315 million.
Beginning his speech, Chairman Gensler recalls the state of the U.S. economy in 2008, putting the majority of the blame for the financial crisis on the swaps market.
ccupy Wall Street is back, and this time their target is high frequency trading. On the second anniversary of the Occupy Wall Street movement, protesters will be gathering in New York City to demand Congress pass the “Robin Hood Tax.”
With Gary Gensler’s term expired in April, 2013 and a re-appointment being as soon as July, Elizabeth Warren is decrying commissioners for what she sees as stalling regulation. Certain policies that the Commodity Futures Trading…
On Tuesday, June 18th 2013, CFTC Commissioner Bart Chilton gave the keynote address in the conference Hedge Fund Industry in 2013, which was held in Chicago, Illinois. In the address, he gives some insight into…
The Wall Street Journal reports that seven banks have received extensions on complying with the rule that would require them to “move risky swap activities into separate affiliates.” The Office of the Comptroller of the…
The bankers and ministers are attempting to block a CFTC proposal, aimed to be instituted in mid-July, that would require overseas offices of American-based banks, foreign institutions and hedge funds to turn over data on foreign trades if they involve U.S. customers, or are guaranteed by a financial institution with American ties, according to the New York Times. Their complaint with this proposal is that it is both “redundant and excessive.”
Chilton’s plan is charge a fee of $0.0006 per transaction. The commissioner feels that the fee would really help the CFTC, stating, “We could fund $300 million a year, which is what our agency needs.”