US Government To Meet With CFTC and SEC Tomorrow To Question Implementation Delays Relating to Dodd-Frank Act
by
Andrew Saks McLeod
A panel of US Senators are scheduled to meet with the SEC and CFTC tomorrow in order to ascertain reasons for the implementation of the Dodd-Frank Act having taken three years to implement. A focus on OTC derivatives is expected.
Several events this year have served to mark the progress made by US regulators in the implementation of the Dodd-Frank Wall Street Reform Act, as the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) work tirelessly on setting the complete reformation of financial markets in place.
Tomorrow, US Senators will reconvene in order to pose questions to top officials of the CFTC and SEC respectively in order to ascertain the reasoning for what the government officials consider the slow progress in the actual implementation of the Act, which so far has spanned over three years since President Barack Obama swore the Act into US law in 2010.
Although both regulatory authorities came to a conclusion earlier this month that final rulings have been reached on retail FX, SEC and CFTC officials will testify in tomorrow's hearing to the Senate Banking, Housing and Urban Affair Committee regarding derivatives and the Volcker rule.
“Derivatives are generally one of the very, very big issues,” stated Michael Greenberger, former director of trading and markets at the CFTC, adding that there is heightening controversy regarding derivatives trading outside of U.S. boundaries despite rulings having been finalized, and the Volcker Rule if implemented will see proprietary trading in its current form consigned to the history books in the United States, which is home to the vast majority of proprietary trading firms.
Massachusetts Democratic Senator Elizabeth Warren and Arizona Republican Senator John McCain have constantly been involved in encouraging an update to the 21st Glass-Steagall Act to separate traditional banking and investment banking, which will introduce more restrictions on market participants than the Volcker Rule, and therefore could ensure that panel discussions and hearings may continue for much longer.
In tomorrow's Senate hearing, both the CFTC and SEC are expected to provide final implementation dates and reasons for the timescale being lengthy. This has been the subject of discourse within the regulators themselves, as SEC Commissioner Luis Aguilar spoke out just a day before the SEC issued its final rulings as to his dismay at the time taken for the SEC to produce the rulings.
Forex Magnates will follow the course of discussion taken in the Senate hearing and provide a full report on its outcome.
Several events this year have served to mark the progress made by US regulators in the implementation of the Dodd-Frank Wall Street Reform Act, as the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) work tirelessly on setting the complete reformation of financial markets in place.
Tomorrow, US Senators will reconvene in order to pose questions to top officials of the CFTC and SEC respectively in order to ascertain the reasoning for what the government officials consider the slow progress in the actual implementation of the Act, which so far has spanned over three years since President Barack Obama swore the Act into US law in 2010.
Although both regulatory authorities came to a conclusion earlier this month that final rulings have been reached on retail FX, SEC and CFTC officials will testify in tomorrow's hearing to the Senate Banking, Housing and Urban Affair Committee regarding derivatives and the Volcker rule.
“Derivatives are generally one of the very, very big issues,” stated Michael Greenberger, former director of trading and markets at the CFTC, adding that there is heightening controversy regarding derivatives trading outside of U.S. boundaries despite rulings having been finalized, and the Volcker Rule if implemented will see proprietary trading in its current form consigned to the history books in the United States, which is home to the vast majority of proprietary trading firms.
Massachusetts Democratic Senator Elizabeth Warren and Arizona Republican Senator John McCain have constantly been involved in encouraging an update to the 21st Glass-Steagall Act to separate traditional banking and investment banking, which will introduce more restrictions on market participants than the Volcker Rule, and therefore could ensure that panel discussions and hearings may continue for much longer.
In tomorrow's Senate hearing, both the CFTC and SEC are expected to provide final implementation dates and reasons for the timescale being lengthy. This has been the subject of discourse within the regulators themselves, as SEC Commissioner Luis Aguilar spoke out just a day before the SEC issued its final rulings as to his dismay at the time taken for the SEC to produce the rulings.
Forex Magnates will follow the course of discussion taken in the Senate hearing and provide a full report on its outcome.
Interactive Brokers Expands Offerings with Daily Options on French Stocks
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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