Goldman Sachs took a step toward greater transparency Tuesday by pledging to disclose more about how it makes money, seeking to rebut criticism that it has been putting its own interest ahead of clients. Get the full story »
Inside these posts: Regulators
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CME sees jump in swaps clearing later this year
CME Group, which began clearing interest-rate swaps in October, expects a jump in business this year after a U.S. legislative mandate on clearing goes into effect, a CME executive said on Monday. Get the full story »
FDA launches Web site for company questions
The Food and Drug Administration is launching a website explaining its regulations to companies as part of a broader effort to rebrand itself as a more transparent, accessible agency.
The website, dubbed “FDA Basics for Industry,” features answers to frequently asked questions about the regulation of food, drugs and medical devices. The FDA also pledged to respond to questions from manufacturers within five business days. Get the full story »
CFTC’s position limit plan gains needed support
A top official at the U.S. futures regulator said on Tuesday he was now in favor of a stalled position limit plan, a key turnaround that would allow the controversial rules to advance to the public comment stage. Get the full story »
Disclosure requirements cause headache for AIG
American International Group Inc. didn’t report $18.7 billion of policyholder guarantees at two property-casualty subsidiaries in 2008, Bloomberg reported Wednesday, citing a Pennsylvania regulator. Get the full story »
Trade groups: CFTC regulations must be clear
Several financial industry trade groups said on Tuesday that the Commodity Futures Trading Commission risks causing confusion and reducing legitimate trading practices if it fails to clearly outline what practices are prohibited under its new anti-manipulation authority.
The Futures Industry Association, the Securities Industry and Financial Markets Association and the International Swaps and Derivatives Associations said in a joint letter the CFTC must describe legitimate trading practices with those it has determined can lead to market manipulation. Get the full story »
SEC extending ‘circuit breakers’ for 4 months
Federal regulators are extending, for four months, the curbs put in after the May 6 market plunge that briefly halt trading of some stocks that make big price swings. Get the full story »
Unilever bid for Alberto Culver could be reviewed
From Bloomberg | Unilever’s $3.7 billion takeover of Melrose Park-based Alberto Culver Co. may be reviewed by U.K. antitrust regulators, who said in a statement that they are looking at whether the deal could trigger “a relevant merger situation” and whether it was likely to reduce competition.
CFTC proposes long-awaited end user rule
The U.S. futures regulator on Thursday unveiled a long-awaited rule outlining exemptions for firms using swaps to hedge risk, but at the last minute postponed issuing a separate rule with guidelines for swap trading platforms.
Without much explanation, Gary Gensler, chairman of the Commodity Futures Trading Commission, said he was delaying until next week the agency’s proposals to make swap execution facilities, or SEFs, transparent. The delay further underscores the tight deadline the agency is under, and different views by the agency’s five commissioners as to what Congress intended. Get the full story »
FCC exploring role in TV programming disputes
Federal regulators will explore whether they can do more to protect consumers from losing their television signals because of disputes over the fees that subscription-video providers pay broadcasters for their programming. Get the full story »
Bank of America says it had no WikiLeaks contact
Bank of America has no evidence that it is the target of alleged plans by website WikiLeaks to disclose confidential data and that thousands of the bank’s internal documents have already been scoured by lawmakers and regulators, a top executive said Wednesday. Get the full story »
Lawmakers hit banks, regulators on foreclosures
Lawmakers pressed major banks and federal regulators on Thursday to explain how they allowed faulty paperwork problems to fester into a controversy that could slow home sales and raise costs for new borrowers. Get the full story »
US approves Simon Property’s buy of Prime Outlets
US antitrust regulators approved Simon Property Group’s purchase of Prime Outlets on Wednesday on condition that it sell an outlet center in Ohio and remove restrictions on some tenant leases in Chicago and Orlando. Get the full story »
After setbacks, CME chief stakes out new ground
Craig Donohue. (Yoshikazu Tsuno/AFP/Getty Images)
Bruised by two big setbacks this year, the CME’s Craig Donohue is staking out new ground in a landscape ripped up and reseeded by the financial crisis.
CME Group Inc., the world’s largest operator of derivatives exchanges, was an obvious beneficiary of the crisis as regulators clamped down on over-the-counter swaps markets blamed for the 2007-2009 crisis.
But Chief Executive Donohue’s early attempts to clear credit derivatives and on another front, to block limits on speculative commodities trades, have stumbled. Get the full story »
CFTC’s Sommers: Position limit rule likely for Dec.
The U.S. futures regulator is unlikely to unveil its new proposal to limit speculative positions until December, a top official of the Commodity Futures Trading Commission told Reuters on Wednesday. Get the full story »
