July 8, 2009, 3:04 pm by Christine Birkner
As a reporter covering the futures markets, it’s not often that the mainstream media has its eye on what’s going on in my world. But on my way past a newsstand this afternoon, I noticed that the front pages of both the New York Times and the Wall Street Journal (admittedly, not quite as mainstream) featured stories about the thing that’s got traders buzzing again: Washington attacks on speculators. The speculation blame game is nothing new (in fact, this time last year several mainstream media outlets got into the act of covering it, including 60 Minutes, in an infamous and much-maligned-within-the-industry piece). Last summer there were hearings galore in the House and Senate blaming speculators for the rising price of oil, while the Commodity Futures Trading Commission (CFTC) said all evidence was to the contrary. But this time, it’s different.
Continue reading ‘Speculators: In vogue again’ »
June 18, 2009, 9:52 am by Christine Birkner
Industry leaders wasted no time commenting on the Obama Administration’s new regulatory reform proposal, “Financial Regulatory Reform: A New Foundation,” released yesterday.
The proposal received mostly a chorus of praise from the industry. CME Group called it “a significant step towards restoring confidence in the integrity of financial markets.” International Swaps and Derivatives Association CEO Robert Pickel said in a statement that it “provide[s] an important framework for financial regulatory reform.” In his statement, Futures Industry AssociationPresident John Damgard “commend[ed] the administration for the thoughtfulness and comprehensiveness of its plan.” In a statement, Chicago Board Options Exchange ChairmanBill Brodsky said, “We are particularly pleased that the plan recognizes the need for greater coordination and harmonization of the SEC and CFTC, including streamlining the approval of new products and rule filings.” But not everyone is singing the proposal’s praises. Continue reading ‘Proposal packs punch’ »
Tags:
Barack Obama,
Bill Brodsky,
CBOE,
CFTC,
CME Group,
credit default swaps,
John Damgard,
OTC,
Robert Pickel,
SEC,
Treasury Department Category:
Regulatory/actions |
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January 20, 2009, 4:30 pm by Christine Birkner
Today was the worst inauguration day performance in the Dow Jones Industrial Average’s history, according to Dow Jones. The Dow closed below 8,000 for the first time since Nov. 20 and had its largest daily point and percent drop since Dec. 1.
President Barack Obama in his inaugural address today spoke of the economic dilemmas he’s inheriting. Here are some highlights:
Continue reading ‘Worst inauguration day for Dow’ »
