It happens that the U.S. lets futures exchanges regulate themselves under the umbrella of the Commodities Futures Trading Commission.
And Tsang proposed that Tung be authorized, when the public interest was under threat, to direct not only the Securities and Futures Commission, the government's market watchdog, but also the stock and futures exchanges and the stock clearing corporation, which are ostensibly private-sector bodies.
These people contend that his background was a much better fit for the firm's traditional business of trading futures on exchanges for clients, rather than its aspirations under Mr. Corzine to become a full-service investment bank that could nimbly trade various financial instruments.
WSJ: Corzine Rebuffed Internal Warnings on Risks at MF Global
LIFFE, London's futures exchange, has felt just as left out as have Europe's other stock exchanges.
It's a conundrum partly of his own making, and one that is affecting the futures of traders at most other U.S. exchanges.
He oversaw tie-ups with the German and (later) Swiss derivatives exchanges to create the world's largest futures market.
That is why, for example, foreign futures exchanges that want to offer their products to U.S. customers must obtain a 30.10 order from the CFTC qualifying them to solicit U.S. customers.
Eurex, an on-line system owned by Swiss and German exchanges, has whittled the London International Financial Futures and Options Exchange's share of the German bund futures contract from 70% to 10%.
After the New York Mercantile Exchange added uranium futures in May 2007, index funds were set up on U.S. and European stock exchanges that tracked uranium prices and the nuclear energy sector generally.
The complaints have gotten a sympathetic ear on Capitol Hill, where lawmakers have just gotten a proposal by the Treasury Department for a sweeping overhaul of financial market regulation, including the merger of the SEC with the Commodities Futures Trading Commission and the reassignment of many of the SEC's enforcement duties to the stock exchanges and other self-regulatory agencies.
应用推荐