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Category: Derivatives

The Ongoing Crypto Carnage and Wealth Destruction Are Red Flags for the CFTC Regarding FTX’s Application for Auto-Liquidation of Retail Customers Bitcoin Futures Margin Accounts

WASHINGTON, D.C.— Better Markets President and CEO Dennis M. Kelleher issued the following statement on the filing of Better Markets’ Comment Letter to the Commodity Futures Trading Commission (CFTC) in response to the agency’s request for comment on FTX’s proposal to offer non-intermediated, margined clearing of Bitcoin futures products: “FTX has filed an application with […]

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The Dangerous Allure of Unbound Innovation

A mildly amusing truism in football is that, often, “[n]o player is more popular on a team than the backup quarterback.”  In other words, football fans (particularly of lousy teams) are almost constantly clamoring for something different, convinced that a new approach, as represented by a new quarterback, will solve whatever problems are plaguing the […]

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Better Markets Urges CFTC to Remedy Deficient Position Limits Rulemaking

WASHINGTON, D.C.—Stephen Hall, Legal Director and Securities Specialist, released the following statement on a letter Better Markets filed with the Commodities Futures Trading Commission urging the agency to revisit and repair its rule on position limits: “The CFTC’s position limits rule, issued in January this year, was far too weak and the agency must move […]

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Advocates Request Review of Harms of CME Group Inc.’s Potential Merger with Cboe and a Study on Existing Concentration Problems

Reported Merger Threatens to Further Consolidate CME Group Inc.’s Near-Monopoly and Increase Lack of Competition in Derivatives Markets WASHINGTON— Better Markets and the Open Markets Institute released the following statement concerning their joint letter to antitrust and financial regulators  raising serious concerns about the CME Group’s (CME) near-monopoly in derivatives markets – by some measures […]

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Climate Risk and the CFTC

Better Markets urged Commodities Futures Trading Commission (CFTC) Acting Chair Rostin Benham and CFTC Commissioner Dan Berkovitz to continue their leadership in bringing attention to climate-related risks and using the public visibility of their positions to call for urgent action to accelerate the transition to a low-carbon economy. Why it matters.  It can no longer […]

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Better Markets’ Applauds Biden Administration’s Budget Request Increases for the SEC and CFTC, But Still Far Too Low to Protect Investors and Markets

FOR IMMEDIATE RELEASE Friday, May 28, 2021 Contact: Pamela Russell at 202-618-6433 or prussell@bettermarkets.com WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, applauded President Biden’s budget request increases for the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), but noted that they are still insufficient: America’s families, […]

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Secret Derivatives Trading by Goldman Sachs, Morgan Stanley, and the Latest Hedge Fund Collapse Again Reveal the Dangers of the Unregulated Shadow Banking System

FOR IMMEDIATE RELEASE Monday, March 29, 2021 Contact: Pamela Russell at 202-618-6433 or prussell@bettermarkets.com Washington, D.C.  –  Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in response to reports that Goldman Sachs, Morgan Stanley and other systemically significant global investment banks enabled a hedge fund to secretly accumulate […]

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CFTC’s Failure to Address Electronic Trading Risks Leaves Derivatives Markets Vulnerable to Flash Crashes

FOR IMMEDIATE RELEASE Tuesday, December 8, 2020 Contact: Pamela Russell at 202-618-6433 or prussell@bettermarkets.com   The CFTC’s Failure to Address Electronic Trading Risks Leaves Derivatives Markets Vulnerable to Flash Crashes   Washington, D.C.  –  Joseph Cisewski, Senior Derivatives Consultant and Special Counsel at Better Markets, issued the following statement with respect to the Commodity Futures […]

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