Chicago Mercantile Exchange defended its efforts at pursuing market manipulation, with its spokeswoman Laurie Bischel stating that it “has a clear record of prosecuting spoofing as well as disruptive trading activity.”
U.S. House of Representatives passed a $21.3 billion bill in a 228 to 195 vote to reduce funding for Wall Street oversight and to revamp new agencies dedicated to policing fraud against consumers and to keep risks under reins, Reuters reported. The Democrat-controlled Senate is not expected to approve the bill as it is now.
U.S. futures market operator CME (CME.O) has joined a growing list of companies seeking to cash in on new rules on derivatives trading by securing regulatory approval for a London-based derivatives exchange.
Originally published in our 2007 "Agents of Change" special issue, this piece chronicles Leo Melamed's involvement in the futures industry from the time when eggs was the Mercs biggest contract to today's cash-settled, electronic trading environment.