The Financial Report — Volume 2, No. 11

Last week, The Wall Street Journal published an interesting editorial entitled ‘Regulator for the World’. The editorial strongly blasted Commodity Futures Trading Commission (CFTC) chairman Gary Gensler for attempting to regulate even foreign transactions that involve a US person. The journal suggests that the CFTC’s rules are directly responsible for encouraging foreign firms to do whatever they can to avoid coming within US jurisdiction, including cutting off business with American counterparties.

Perhaps most troubling, according to the journal, is that the CFTC has not undertaken any meaningful cost-benefit analysis to determine whether the CFTC’s attempt to oversee the global trading of derivatives ultimately will cause foreign market participants to avoid the US, which in turn might substantially damage the US as a global financial center.

The journal, in contrast, back-handedly compliments the Securities and Exchange Commission (SEC) for its proposed rules, which, at least, ‘provide hope that Dodd-Frank can be imposed without disrupting global finance’. In addition, the journal continues, ‘the SEC is making an attempt at identifying costs and benefits’…

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