X hits on this document

65 views

0 shares

0 downloads

0 comments

27 / 29

any degree of reliability, most notably the most practically important form of manipulation.

derivatives-related proposals will impede, rather than facilitate, the ecient evolution of deriva- tives markets.

e bulk of the derivatives-related provisions of ACESA reect an implicit assumption that deriv- atives markets are the world’s largest market fail- ure. Yet its authors and advocates have failed to identify just what the sources of those market fail- ures are. What’s more, a back-to-basics evalua- tion of the structure of derivatives markets shows that their current structure, though not perfect, strongly reects fundamental economic consider- ations in a discriminating way. Consequently, the

It is especially telling that in its zeal to “reform” derivatives markets, Congress can do nothing but resurrect a regulatory scheme rst devised almost 90 years ago. is regulatory framework proved woefully inadequate beginning in the 1980s, and its inadequacies are even more pronounced today. us, Congress has made it clear that it wants to regulate derivatives in the worst way, and has achieved its desire.

E N E R G Y S E C U R I T Y I N I T I AT I V E

23

Document info
Document views65
Page views65
Page last viewedSun Dec 04 04:08:51 UTC 2016
Pages29
Paragraphs455
Words12378

Comments