From the May 01, 2007 issue of Futures Magazine • Subscribe!

Boca Bits and bites

“Everything for us is a rule, I would like to be treated like an adult.”

~CBOE Chairman and CEO Bill Brodsky on the SEC regulatory structure for introducing new products.

“MiFID has demonstrated that 27 States can come up with an agreement. If they can do it, why can’t the E.U. and the U.S.? We can’t have silo regulation regulating a global trading environment.”

~Anthony Belchambers, chief executive of the London based Futures and Options Association.

“Take it as a sign that I am going to live in Chicago.”

Jeff Sprecher, chairman and CEO of ICE on the implications of buying a home in Chicago.

“Are there any defenders of the SEC here?”

~Former Fed Chairman Alan Greenspan when asked to compare the CFTC and SEC. Greenspan, who acknowledged trading oats at the CBOT in his younger days, said he preferred the regulatory model created by the Commodity Futures Modernization Act of 2000 and the culture of the CFTC, which he described as “run as an anti regulation regulator.”

House Minority leader John Boehner answered questions about taxes, the ICE proposal and regulation:

“For the last 12 years I was able to tell you that the transaction tax [on futures] was dead on arrival. But with the new majority in Congress, things like the transaction tax, which normally would not be in play, will be in play.”

“Since I have gotten here, I have heard a lot of grumbling, these guys (referring to Terry Duffy and Charlie Carey) are the biggest defenders of the free market. Well, let the free market roll.”

“If you go to more transparency at the SEC, you will see a lot more products. You will see a lot more services and you will see us maintain our position as a world leader in the equities markets. But that is a difficult case to make. The industry made it to the ag committee, who had control over the CFTC, but to make that [argument] to the SEC is going to be a much higher hill to climb.”

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