Report on the Regulation of Futures Margins
Author | : |
Publisher | : |
Total Pages | : 36 |
Release | : 1988 |
Genre | : Commodity exchanges |
ISBN | : |
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Author | : |
Publisher | : |
Total Pages | : 36 |
Release | : 1988 |
Genre | : Commodity exchanges |
ISBN | : |
Author | : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy |
Publisher | : |
Total Pages | : 30 |
Release | : 1988 |
Genre | : Futures market |
ISBN | : |
Author | : Jerry W. Markham |
Publisher | : |
Total Pages | : 0 |
Release | : 2010 |
Genre | : |
ISBN | : |
Whether the federal government should regulate margin requirements for commodity futures contracts has been the subject of intensive debate for over fifty years. Congress has periodically rejected legislation that would have granted such authority. The stock market crash of 1987, and a subsequent mini-crash in 1989, has resulted in renewed demands for federal controls. The Securities and Exchange Commission (“SEC”) and the Department of the Treasury contend that such controls are necessary to prevent the near disastrous set of events that occurred during those market crises. The Commodity Futures Trading Commission (“CFTC”) and the commodity futures industry oppose federal controls on margin, and assert that market forces, not margins, were responsible for the events that occurred during the 1987 and 1989 market breaks. This article addresses these events. Part I discusses the numerous, uniformly unsuccessful efforts by the federal government to impose margin controls on commodity futures in prior years. It also describes the nature of commodity futures margins and the problems encountered in the early history of federal regulation of futures trading. Part II describes federal margin controls over securities transactions and their background. It then examines the Federal Reserve Board's view that federal margin controls are no longer serving the regulatory purposes intended when Congress adopted the controls in 1934. Part III of the article discusses the recent efforts to obtain federal regulatory controls over commodity futures margins following the stock market crash of 1987. It also examines the increased demands by the SEC and the Department of Treasury for such controls as a result of the mini-crash of 1989. Finally, Part IV of the article examines the merits of the arguments over the need for federal margin controls. Opponents contend that rigid federal margin requirements could impair market liquidity. Proponents of margin controls contend that federal regulation is necessary to reduce market volatility and to prevent another stock market crash. The article concludes that the evidence supporting the latter view is weak. Nevertheless, there is some support for the view that residual authority could be given to the Federal Reserve Board to guard against systemic risks.
Author | : |
Publisher | : |
Total Pages | : 36 |
Release | : 1988 |
Genre | : Commodity exchanges |
ISBN | : |
Author | : |
Publisher | : |
Total Pages | : 208 |
Release | : 1984 |
Genre | : Federal Reserve banks |
ISBN | : |
Author | : |
Publisher | : Irwin Professional Publishing |
Total Pages | : 392 |
Release | : 1991 |
Genre | : Business & Economics |
ISBN | : |
Author | : |
Publisher | : Lulu.com |
Total Pages | : 294 |
Release | : 2004 |
Genre | : Bank capital |
ISBN | : 9291316695 |
Author | : Michael T. Curley |
Publisher | : John Wiley & Sons |
Total Pages | : 205 |
Release | : 2008-03-11 |
Genre | : Business & Economics |
ISBN | : 0470267925 |
Margin Trading from A to Z offers a step-by-step explanation of the mechanics of the margin account. Filled with in-depth insights and expert advice, this book uses a hands-on approach to show how a Regulation T Margin Call is arrived at; how it may be answered; and how an account looks once a call is issued and after the call is met. Other items covered by this detailed guide include minimum maintenance requirements, short selling, memorandum accounts, options, hedge funds, and portfolio margining. The book includes quiz questions and a comprehensive exam.
Author | : American Bar Association. House of Delegates |
Publisher | : American Bar Association |
Total Pages | : 216 |
Release | : 2007 |
Genre | : Law |
ISBN | : 9781590318737 |
The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Author | : |
Publisher | : |
Total Pages | : 40 |
Release | : 2008 |
Genre | : Agricultural productivity |
ISBN | : |