Saturday, 23 May 2015
Last updated 15 hours ago
Feb 19 2013 | 9:02am ET
The head of the Commodity Futures Trading Commission is concerned that banks may be helping hedge funds skirt new clearing rules designed to reduce market risk.
Chairman Gary Gensler made his worries clear in prepared testimony for a congressional hearing on the Dodd-Frank financial regulation reform law. The rule, requiring trades to be guaranteed at central clearinghouses, is to go into effect next month. But Gensler said U.S. banks may be helping U.S.-based but offshore-domiciled funds to avoid that requirement by routing trades to overseas offices.
"The CFTC is working to ensure that this idea does not prevail and develop into a practice that leaves the American public at risk," Gensler said.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…