The Federal Government and the Futures Market
Author : Charles M. Smithdeal
Publisher :
Page : 19 pages
File Size : 23,92 MB
Release : 193?
Category :
ISBN :
Author : Charles M. Smithdeal
Publisher :
Page : 19 pages
File Size : 23,92 MB
Release : 193?
Category :
ISBN :
Author : Rasheed Saleuddin
Publisher : Springer
Page : 321 pages
File Size : 33,99 MB
Release : 2018-12-21
Category : Business & Economics
ISBN : 3319931849
Absent evidence to the contrary, it is usually assumed that US financial markets developed in spite of government attempts to regulate, and therefore laissez faire is the best approach for developing critically important and enduring market institutions. This book makes heavy use of extensive archival sources that are no longer publicly available to describe in detail the discussions inside the CBOT and the often private and confidential negotiations between industry leaders and government officials. This work suggests that, contrary to the accepted story, what we now know of as modern futures markets were heavily co-constructed through a meaningful long-term collaboration between a progressive CBOT leadership and an extremely knowledgeable and pragmatic US federal government. The industry leaders had a difficult time evolving the modern institutions in the face of powerful reactionary internal forces. Yet in the end the CBOT, by co-opting and cooperating with federal officials, led the exchange and Chicago markets in general to a near century of global dominance. On the federal government side, knowledgeable technocrats and inspired politicians led an information and analysis explosion while interacting with industry, both formally and informally, to craft better markets for all.
Author : Rasheed Saleuddin
Publisher :
Page : pages
File Size : 39,1 MB
Release : 2017
Category :
ISBN :
Author : Jerry Markham
Publisher : Praeger
Page : 328 pages
File Size : 14,19 MB
Release : 1987
Category : Business & Economics
ISBN :
This book analyzes the impact of regulation on today's commodity futures trading market by examining the development and growth of both. It addresses the development of regulatory efforts and examines the regulated futures exchange, discusses the creation and development of the Commodity Futures Trading Commission, and focuses on the types of commodity interests that are traded and their regulation. Commodity interests include leverage contracts, commodity futures contracts and options, and foreign contracts. Including an examination of the problems faced by the government in its regulatory efforts, this important new work is an accessible and authoritative guide for anyone involved in the commodity futures market, including banks, businesses, speculators, and regulators.
Author : United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Telecommunications and Finance
Publisher :
Page : 344 pages
File Size : 17,82 MB
Release : 1989
Category : Futures market
ISBN :
Author : Franklin R. Edwards
Publisher :
Page : 44 pages
File Size : 36,64 MB
Release : 1983
Category : Commodity exchanges
ISBN :
Author : United States. Presidential Task Force on Market Mechanisms
Publisher :
Page : 384 pages
File Size : 47,64 MB
Release : 1988
Category : Financial futures
ISBN :
Author : Jerry W. Markham
Publisher :
Page : 0 pages
File Size : 32,25 MB
Release : 2010
Category :
ISBN :
Whether the federal government should regulate margin requirements for commodity futures contracts has been the subject of intensive debate for over fifty years. Congress has periodically rejected legislation that would have granted such authority. The stock market crash of 1987, and a subsequent mini-crash in 1989, has resulted in renewed demands for federal controls. The Securities and Exchange Commission (“SEC”) and the Department of the Treasury contend that such controls are necessary to prevent the near disastrous set of events that occurred during those market crises. The Commodity Futures Trading Commission (“CFTC”) and the commodity futures industry oppose federal controls on margin, and assert that market forces, not margins, were responsible for the events that occurred during the 1987 and 1989 market breaks. This article addresses these events. Part I discusses the numerous, uniformly unsuccessful efforts by the federal government to impose margin controls on commodity futures in prior years. It also describes the nature of commodity futures margins and the problems encountered in the early history of federal regulation of futures trading. Part II describes federal margin controls over securities transactions and their background. It then examines the Federal Reserve Board's view that federal margin controls are no longer serving the regulatory purposes intended when Congress adopted the controls in 1934. Part III of the article discusses the recent efforts to obtain federal regulatory controls over commodity futures margins following the stock market crash of 1987. It also examines the increased demands by the SEC and the Department of Treasury for such controls as a result of the mini-crash of 1989. Finally, Part IV of the article examines the merits of the arguments over the need for federal margin controls. Opponents contend that rigid federal margin requirements could impair market liquidity. Proponents of margin controls contend that federal regulation is necessary to reduce market volatility and to prevent another stock market crash. The article concludes that the evidence supporting the latter view is weak. Nevertheless, there is some support for the view that residual authority could be given to the Federal Reserve Board to guard against systemic risks.
Author : United States. General Accounting Office
Publisher :
Page : 128 pages
File Size : 11,9 MB
Release : 1986
Category : Capital market
ISBN :
Author : Jerry Markham
Publisher : Routledge
Page : 547 pages
File Size : 35,87 MB
Release : 2015-01-28
Category : Business & Economics
ISBN : 1317466365
First Published in 2014. This book maps the issues and traces the U.S. government's efforts to properly regulate, monitor, and prevent financial speculation and price manipulation in various markets. It begins with the period from the late nineteenth century to the first congressional efforts at regulation in the 1930s and continues on to the present, with a full chapter on the legal and financial aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The book also discusses the difficulty of initiating successful prosecutions of financial fraud and price manipulation and proposes a new approach to preventing manipulative practices.