CargoAdmin, Bureaucrats, Moderators (CommentStreams), fileuploaders, Interface administrators, newuser, Push subscription managers, Suppressors, Administrators
14,662
edits
Commodity Futures Trading Commission: Difference between revisions
Commodity Futures Trading Commission (view source)
Revision as of 23:22, 21 December 2024
, 21 December 2024Text replacement - "The New York Times" to "The New York Times"
m (1 revision imported) |
m (Text replacement - "The New York Times" to "The New York Times") |
||
| Line 64: | Line 64: | ||
===Over-the-counter derivatives=== | ===Over-the-counter derivatives=== | ||
[[File:Brooksley Born.jpg|thumb|upright|[[Brooksley Born]]]] | [[File:Brooksley Born.jpg|thumb|upright|[[Brooksley Born]]]] | ||
In 1998 CFTC chairperson [[Brooksley Born|Brooksley E. Born]] lobbied Congress and the President<ref name=Hirsh20101213>{{cite news|url=https://archive.org/details/capitaloffenseho00/page/352|title=Capital Offense: How Washington's Wise Men Turned America's Future Over to Wall Street|publisher=John Wiley & Sons|pages=[https://archive.org/details/capitaloffenseho00/page/352 352 pages]|date=December 13, 2010|author=Michael Hirsh|isbn=978-0470520673|access-date=February 20, 2013|newspaper=The New York Times|url-access=registration}}</ref>{{page needed|date=January 2015}}<ref name="the_warning">{{citation |title= The Warning | publisher=[[Public Broadcasting Service|PBS]] | work= [[Frontline (U.S. TV series)|Frontline]]}}</ref> to give the CFTC oversight of 'off-exchange markets' for [[Over the counter (finance)|over-the-counter]] (OTC) [[Derivative (finance)|derivatives]] in addition to its existing oversight of exchange-traded derivatives,<ref name="conceptrelease">[http://www.cftc.gov/opa/press98/opamntn.htm "Concept Release Concerning Over-The-Counter Derivatives market"], CFTC Release #4142-98, May 7, 1998.</ref> but her warnings were opposed by other regulators.<ref name="nytimes">Goodman, Peter S. [https://www.nytimes.com/2008/10/09/business/economy/09greenspan.html?pagewanted=print The Reckoning – Taking Hard New Look at a Greenspan Legacy]'', '' | In 1998 CFTC chairperson [[Brooksley Born|Brooksley E. Born]] lobbied Congress and the President<ref name=Hirsh20101213>{{cite news|url=https://archive.org/details/capitaloffenseho00/page/352|title=Capital Offense: How Washington's Wise Men Turned America's Future Over to Wall Street|publisher=John Wiley & Sons|pages=[https://archive.org/details/capitaloffenseho00/page/352 352 pages]|date=December 13, 2010|author=Michael Hirsh|isbn=978-0470520673|access-date=February 20, 2013|newspaper=The New York Times|url-access=registration}}</ref>{{page needed|date=January 2015}}<ref name="the_warning">{{citation |title= The Warning | publisher=[[Public Broadcasting Service|PBS]] | work= [[Frontline (U.S. TV series)|Frontline]]}}</ref> to give the CFTC oversight of 'off-exchange markets' for [[Over the counter (finance)|over-the-counter]] (OTC) [[Derivative (finance)|derivatives]] in addition to its existing oversight of exchange-traded derivatives,<ref name="conceptrelease">[http://www.cftc.gov/opa/press98/opamntn.htm "Concept Release Concerning Over-The-Counter Derivatives market"], CFTC Release #4142-98, May 7, 1998.</ref> but her warnings were opposed by other regulators.<ref name="nytimes">Goodman, Peter S. [https://www.nytimes.com/2008/10/09/business/economy/09greenspan.html?pagewanted=print The Reckoning – Taking Hard New Look at a Greenspan Legacy]'', ''The New York Times'', October 9, 2008.</ref> | ||
Two actions by the CFTC in 1998 led some market participants to express concerns that the CFTC might modify the "Swap Exemption" and attempt to impose new regulations on the swaps market.<ref name="wg_otc_deriv">{{citation|title=Over-the-Counter Derivatives Markets and the Commodity Exchange Act |url=http://www.ustreas.gov/press/releases/reports/otcact.pdf |publisher=President's [[Working Group on Financial Markets]] |work=press release |archive-url=https://web.archive.org/web/20101013165049/http://www.ustreas.gov/press/releases/reports/otcact.pdf |archive-date=October 13, 2010 }}</ref> First, in a February 1998 comment letter addressing the SEC's "broker-dealer lite" proposal, the CFTC stated that the SEC's proposal would create the potential for conflict with the Commodity Exchange Act (CEA) to the extent that certain OTC derivative instruments fall within the ambit of the CEA and are subject to the exclusive statutory authority of the CFTC.<ref>Letter from Jean A. Webb, Secretary, CFTC, to Jonathan G. Katz, Secretary, SEC (February 26, 1998).</ref> | Two actions by the CFTC in 1998 led some market participants to express concerns that the CFTC might modify the "Swap Exemption" and attempt to impose new regulations on the swaps market.<ref name="wg_otc_deriv">{{citation|title=Over-the-Counter Derivatives Markets and the Commodity Exchange Act |url=http://www.ustreas.gov/press/releases/reports/otcact.pdf |publisher=President's [[Working Group on Financial Markets]] |work=press release |archive-url=https://web.archive.org/web/20101013165049/http://www.ustreas.gov/press/releases/reports/otcact.pdf |archive-date=October 13, 2010 }}</ref> First, in a February 1998 comment letter addressing the SEC's "broker-dealer lite" proposal, the CFTC stated that the SEC's proposal would create the potential for conflict with the Commodity Exchange Act (CEA) to the extent that certain OTC derivative instruments fall within the ambit of the CEA and are subject to the exclusive statutory authority of the CFTC.<ref>Letter from Jean A. Webb, Secretary, CFTC, to Jonathan G. Katz, Secretary, SEC (February 26, 1998).</ref> | ||