La Commodity Futures Trading Commission a publié un communiqué dans lequel elle détaille son opinion sur MF Global et le trading haute fréquence
Ron, thanks for that introduction and thanks for inviting me to speak today.
I am honored to be here at New York Law School, near the heart of the Financial District. Recently, all of my speaking engagements involve the Dodd-Frank Act. But, here, just two subway stops from the post-bankruptcy headquarters of MF Global, Inc. (“MF Global”), I thought it apropos to do something that unfortunately seems radical. I am going to focus on futures markets and futures customers.
It has been exactly three months since the Securities Investor Protection Corporation (“SIPC”) began insolvency proceedings against MF Global. Despite reams of releases and presentations from the SIPC trustee, futures customers have about the same information regarding the recovery of their funds today as on Day 1. Which is not much. Futures customers – including farmers, ranchers, and manufacturers – have been suspended in excruciating limbo, wondering when they will receive their funds. All they can do is to meekly fill out the claims forms presented by the SIPC trustee, all of which are due today. This situation is intolerable and unacceptable.
Instead of taking action to comprehensively identify and address vulnerabilities in futures customer protection, the Commission continues its all-consuming fixation on swaps regulation. Since the Dodd-Frank Act became law, the Commission has acted like a little child, abandoning the old toy and “swapping” them out for the new. It has concentrated on swaps rulemaking, while averting its gaze from the futures markets and their developments.
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