Reuters reports: Reforming the $450 trillion derivatives market is key to removing the risks of financial markets, and greater central clearing of privately traded derivatives is a vital part of that, the head of the Commodities Futures Trading Commission said on Friday. Central clearing, in
JOINT STATEMENT OF SHARED PRINCIPLES FOR NEEDED REFORMS IN THE FUTURES/DERIVATIVES MARKETS AS REVISED AND AGREED TO AT THE JOINT MEETING OF MEMBERS OF THE COMMODITY MARKETS OVERSIGHT COALITION AND THE AMERICANS FOR FINANCIAL REFORM January 7th, 2010 Members of the Commodity Markets Oversight Coalition
The Financial Times recently published this article about the role of derivatives in the current economic crisis. The report focuses on Gary Gensler, Chairman of the Commodity Futures Trading Commission and his recent statement that over-the-counter derivatives “were at the heart and not a side
This Bloomberg article reports that Goldman Sachs is is creating derivatives trades that would benefit from the bankruptcy of a trucking company. Here’s an excerpt: Dec. 17 (Bloomberg) — International Brotherhood of Teamsters President James Hoffa said Goldman Sachs Group Inc. is creating derivatives trades
Unregulated derivatives trading were a major cause of the economic crisis and loss of homes, jobs and retirement savings. Inadequate regulation of derivatives was also a major contributor to last years energy price bubble. The volume of derivatives trading is enormous. According to the International
The New Republic published this article detailing how Members of Congress have shifted their thinking on derivatives – and for once, the shift benefits Main Street rather than Wall Street. The article cites pressure from Americans for Financial Reform as one of the reasons for
Dana Milbank of the Washington Post published this column today, pointing out how much the nation’s bankers have to be thankful for as they sit down for Thanksgiving turkeys tomorrow. Here’s an excerpt: At this time last year, the American financial system was near collapse,
Download this testimony as a PDF. Chairman Lincoln, Ranking Member Chambliss, and Members of the Committee, thank you for inviting me to testify before you today. The American people clearly sense that there is something deeply flawed in the current structure of our financial markets
AFR’s Message Memo One-pager on the CFPA One-pager on Derivatives
Support Strong Derivatives Regulation Congress cannot protect the U.S. financial system without acting to regulate over-the-counter derivatives, which brought down AIG at a cost of $134 billion to taxpayers. The five biggest banks dominate the derivatives market and want to maintain the status quo, since