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Tag Archives: Goldman Sachs

Residual Interest: CFTC Proposal Poses “Monumental” Challenge to FCMs Regulation,Special Report,Video

CFTC Roundtable

A rule proposed by the Commodity Futures Trading Commission (CFTC) designed to strengthen safeguards for customer deposits at futures commission merchants (FCMs) is threatening to overhaul the futures brokerage system. The proposed “residual interest” provision introduced last fall, and discussed in a CFTC roundtable on February 5, would require substantial increases in margin buffers by FCMs. The meeting led by Robert Wasserman, chief counsel of the CFTC’s Division of Clearing and Risk, included panelists Mike Dawley of Goldman Sachs and FIA chairman and Kim Taylor,  CME Clearing president who argued that the increased margin requirements under the proposal are substantial….

John Lothian Newsletter: Bank probes find manipulation in Singapore’s offshore FX market; Goldman finds a way past Volcker with new credit fund; Swap-to-Future Conversion Has Regulators Studying Rules John Lothian Newsletter,Newsletter

Banks in Singapore, performing internal reviews, find evidence that traders there have colluded to manipulate offshore currency rates. Goldman Sachs figures out how to create a new fund that sidesteps the Volcker Rule. With many energy swaps shifting to futures contracts, the CFTC opens the box to see if the new contracts have enough transparency.

JLN Options: Indian Options Grow Fastest in World as Sensex Tops BRICs Newsletter,Options

Lead Stories Indian Options Grow Fastest in World as Sensex Tops BRICsSantanu Chakraborty and Michael Patterson, BloombergIndia’s options market is growing at the fastest pace in the world, helping restore investor confidence in a stock market yet to recover from a 52 percent plunge during the global financial crisis. Here are Wall Street’s five worst trades of 2012Matt Phillips, Yahoo Finance1) The Whale2) The Facebook IPO3) Wall Street goes long Romney4) Giving money to John Paulson5) Knight Capital’s $440 million electronic oops** I know this is not strictly options related but interesting.  If any of you have some to add…

John Lothian Newsletter: HK Exchanges gets OK to launch yuan futures; Traders call for changes to broker reporting; Glitches halt new Goldman trade platform John Lothian Newsletter,Newsletter

The Hong Kong Exchange scores a World First, receiving approval to begin trading yuan currency futures later this year.  Fund managers are calling on brokers to change how they report trades, allowing better understanding of who is getting the best results. Goldman Sachs becomes the latest trading platform provider to trip up, announcing delays in the release of its new platform due to “logistical issues.”

PBS Frontline: Six Billion Dollar Bet Regulation,Video

Frontline MF Global

From PBS Frontline: Jon Corzine, former head of Goldman Sachs and political power broker, took over MF Global in the spring of 2010 with oversize ambition and a passion for risk. But after a massive bet on European debt turned sour, the firm lay in ruins, with more than a billion dollars of customer funds missing. Six Billion Dollar Bet, our latest addition to Money, Power and Wall Street, examines how Corzine’s traders went around MF Global’s risk officers and how he swayed regulators in Washington to allow risky practices to continue.

Five Minutes with Jeffrey M. Christian (April 2012) Interview,Metals

Jeffrey M. Christian

Also see: Five Minutes with Jeffrey M. Christian (October 2012) Jeffrey Christian is the managing director and founder of CPM Group, a precious metals and commodities markets analysis firm formed through a management buyout of the Commodities Research Group at Goldman Sachs. Christian spoke last week at the Initiatives in Art and Culture gold conference in New York, and talked to editor/producer Nicole V. Rohr about the myths of gold, buying gold puts and the coming gold supply growth. Q: What do you mean when you say that gold suffuses myths, and how has CPM Group helped debunk those myths?…

JLN Managed Futures: Boca 2012; MF Global Clients’ Details Published Blog,Managed Futures,Newsletter

Observations – Statistics – Commentary The JLN Managed Futures team is in Boca Raton, FL this week for the FIA International Futures Industry Conference. As expected, there were three key topics that consumed a majority of conversation, from panels to “table talk”: The retirement of John Damgard after 30 years as president of the FIA. He has been a tireless promoter of the futures industry whose presence will be sorely missed. John turns the reins over to former CFTC chairman Walt Lukken, who brings his decades of industry and regulatory experience at this critical time for the futures industry. The…

Your Secret is Safe… Or Is It? Commentary,Financials,Regulation

Jon Matte

The foundation of any market-based economy is the rule of law and the respect for property rights. When these rights are allowed to be ignored or arbitrarily rescinded, capital formation is on shaky ground. Just as a nation’s currency is built on the full faith and credit of the nation and its central bank, its economy is built on the full faith of its legal system. It against this backdrop that I read the story of Sergey Aleynikov, the former Goldman Sachs programmer convicted in 2009 of stealing the source code behind its high-frequency trading algorithms just as he left…