Commodity Futures Trading Commission: Send Money. And Power. (SeekingAlpha)

By | October 4, 2010

SeekingAlpha picked up my my recent quote in a Bloomberg article about proposed CCP ownership limits for dealers proposed by the CFTC. The author is right, I am flabbergasted.

Kevin McPartland is justifiably flabbergasted:

“What is an LCH.Clearnet going to do, that’s almost completely dealer-owned?” said Kevin McPartland, a senior analyst with Tabb Group in New York. “I can’t see how they’d expect that kind of massive divestiture of these clearinghouses that control trillions of notional” in swaps trades, he said.

Ah, but Kevin, you just haven’t fully grasped Gensler’s grandiosity (see above CDS position limit power grab). The sorcerer’s apprentices are run amok, my friend.

Read the full story at SeekingAlpha.com

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