The idea of creating markets on political events got a bad reputation when the Defense Department started talking about terrorism futures, but there is lots of evidence to show that these markets are better at forecasting the future than opinion polls and expert opinion. Michael Gorham, director of market oversight at the Commodity Futures Trading Commission, surveys a number of these markets and finds some common threads.
As the futures industry considers how best to structure the self-regulatory system int he new world of for-profit exchanges, some interesting parallels can be drawn from the securities industry, and especially from the New York Stock Exchange. Stuart Kaswell, a partner at Dechert, describes the dramatic changes the NYSE made to its governance structure last fall, focusing on the unusual steps it adopted to strengthen the independence and authority of the board.
Stuart Kaswell is a partner in the law firm Dechert LLP where he heads the broker-dealer, financial institutions, and market regulatory practice group and represents SIA. He was senior vice president and general counsel of the SIA from 1994 to 2003.
The commodity futures business in Japan looks ripe with opportunity for foreign brokers and their customers, and the financial futures business seems to be rising with the markets. Will Acworth, editor of Futures Industry, looks at business and regulatory developments that will have important effects on how foreign brokers do business in Japan.
Eurex Delays Clearing Link to March; Treasury, Fed Express Support for Eurex Application; CFTC Seeks Comment on Proposed Exempt Market Rules; Anti-Money Laundering: Final Rule Issued for Suspicious Activity Reports; CBOT Signs Accord with Chinese Exchange; CME Expands Sovereign Debt Eligible as Collateral; Pension Funds Raising Allocations to Hedge Fund Investments; CME, SGX Renew Mutual Offset Agreement