U.S. legislators are looking at how they might change the financial regulatory structure in the future, including possibly streamlining the regulation of over-the-counter derivatives to one entity.
Liquidity fragmentation continues to evolve and is becoming ever more dynamic.
A week ago, the Securities and Exchange Commission, the Federal Reserve Board and the Commodity Futures Trading Commission signed a memorandum of understanding on regulating over-the-counter credit default swaps.
Philip McBride Johnson, head of the exchange-traded derivatives practice at Skadden, Arps, Slate, Meagher & Flom, and 46-year financial services attorney, sounds off on the paradoxical tendency to blame speculators for the latest commodities crisis and the phenomenon's place in today's regulatory climate.