While we were sleeping, some time between midnight and 3 a.m. this morning, the page counter on MarketsReformWiki, our regulatory database, topped the 10 million mark, four and a half years after going live.
The site was started in 2011, just after the passage of the Dodd-Frank Act, as the CFTC, SEC and other regulators began proposing rules and hosting roundtables, and market participants responded with comment letters, white papers and other research. The goal of the site was simple – cut through the thousands of pages of legalese and present the information in a way that is (relatively) easy to understand, easy to find, and linked to other relevant topics – basically everything that a good wiki should do. We believe we have hit on the right mix.
The industry does, too. In fact, one of the things we noticed in those heady days of Dodd-Frank related rules was that one of the top domains feeding into the site was @cftc.com. The joke around the office was that the regulator was coming to our site to search and comprehend the information they were putting out.
MarketsReformWiki continues to draw the eyeballs because, while the story has quieted a bit, the rules are not completed, not by a long shot. Our focus has shifted to Europe, where they continue progress on MiFID II/MiFIR. There are still cross-border issues that need to be hammered out. U.S. regulators are not finished, either. Within the past couple weeks the SEC published final rules on registration of security-based swap dealers and major swap participants while the CFTC proposed a number of amendments to rules on swap data reporting and recordkeeping. Even the new rules are changing, and MarketsReformWiki continues to track, summarize and connect.
We also continue to interact with the market through video and print interviews. Visit the front page of the site to see our recent interview with Lisa Dunsky, former counsel for CME Group, now an attorney at Sidley Austin. In the interview, Dunsky looks at recent high-profile criminal actions on disruptive trade practices, and puts together a checklist on what firms and traders need to consider.
If you have not visited the MarketsReformWiki in a while, check it out and be among the site’s next 10 million visitors.