Also on the March 10th Up with Chris, I talked about how regulators will often parrot the talking points of the very industries they are charged with regulation.
I mentioned recent news articles that Commissioner Mark Wetjen of the CFTC appears ready to water-down the rules on the Swap Execution Facilities, which are meant to bring transparency to the shadowy, over-the-counter swaps market. Initially the CFTC proposed a rule that required new orders to seek prices from at least 5 participants. Just as with internet shopping, more prices means you’ll get the best deal. It’s been reported Wetjen is going to push to reduce that to 2 price requests, a win for the banks, not for market transparency.