More on the SEC-CFTC flash crash recommendations. In short, they’ll force platforms that do not publicly display price quotes to execute orders better than the midpoint, or otherwise route them out. This would kill the business model for many registered ATS’s. The goal of greater transparency is good – but the unintended consequences are huge.… Read More »
The CFTC and the SEC somehow found time in the midst of writing derivatives reform regulation to make recommendations on how to prevent another flash crash. I don’t think anything in here was too surprising, although I do think that they’re banning too many things rather than creating rules that incent a change in behavior.… Read More »
I’ve spent the better part of the last year studying what will become the swap execution facility (SEF) market, how it will be regulated, its players, its impact on derivatives trading. More recently I’ve had the pleasure of speaking with a number of the industry’s leaders in the space regarding the plans for their organizations… Read More »
The SEC is set to release its SEF rules tomorrow, Feb 2, 2011, and only a small few details are floating around. Since they will be overseeing the less liquid single name CDS market I’d suspect they’ll focus more on the RFQ model than order book trading. My comments in the article, saying essentially, we… Read More »
Also posted on TabbFORUM.com Wall Street (which includes yours truly) was in Washington on Wednesday (Aug 15) to discuss Swap Execution Facilities with the Securities and Exchange Commission and the Commodity Futures Trading Commission. I wasn’t the only one walking the block between Union Station, where the express train from New York arrives, to the… Read More »
I don’t have enough information to make an accurate call on the issues between the SEC and Goldman Sachs, but it appears from this ABC News article that my broad thoughts on the issue are pretty common all around lower Manhattan. There needs to be two sides to every trade: Kevin McPartland, senior analyst at… Read More »
US News has done a good job of covering the Goldman Sachs/SEC lawsuit. My comments stay away from passing any judgement in either direction: “In some ways, this is Wall Street 101 in that there needs to be somebody on both sides of every deal. So clearly you have a world full of smart financial… Read More »