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GREAT NEWS
Good-night think of all those day traders getting 10 to 1 margin! Oh well
thanks Mark for the heads up on this fantastic news event. I hope they get
this bill through the senate and we actually can trade it very soon.
Robert
At 08:49 AM 12/17/00 -0600, Mark Brown wrote:
>12-15-00 07:27 PM EST by Dawn Kopecki | Dow Jones Newswires
>
>WASHINGTON -- U.S. investors will now be able to trade futures on individual
>stocks and U.S. markets will be able to compete more nimbly with overseas
>exchanges now that Congress has taken action on legislation that revamps the
>nation's commodities laws.
>
>The House on Friday passed 292-60 the much-anticipated measure, which was
>attached to a broad end-of-year spending bill. The Senate simultaneously
>passed the bill on a voice vote. President Clinton, who strongly supports
>the commodities bill, plans to sign it into law.
>
>The commodities bill is one of the most technical and complex pieces of
>legislation to pass through the 106th Congress. It takes a three-pronged
>approach to essentially deregulate aspects of the $94 trillion
>over-the-counter derivatives industry by excluding those products from U.S.
>commodities laws. It also eases futures exchange regulations, giving those
>markets more self-regulatory powers, and lifts the 18-year ban on trading
>single-stock futures.
>
>U.S. markets have fallen behind overseas rivals that operate under less
>burdensome regulations. Already, the London International Financial Futures
>& Options Exchange plans to start trading single-stock futures on U.S.
>equities in late January.
>
>"Europe is moving ahead with a modern financial structure," Rep. Thomas
>Ewing (R., Ill.), said in a telephone interview. Rep. Ewing was the driving
>force behind the commodities bill in the House. "Under our current
>regulatory system, we are being held back in our ability to be competitive."
>
>Lawmakers have been under intense pressure all year from the Chicago
>exchanges, much of Wall Street and the nation's top financial regulators to
>pass new commodities laws to keep U.S. markets competitive with
>less-regulated overseas rivals.
>
>"This bill will significantly enhance investment opportunities for the U.S.
>financial community and reinforce our position as a global financial
>center," said Ed Rosen, an attorney for the Ad Hoc Coalition of Commercial
>and Investment Banks.
>
>The coalition represents some of the most formidable powers on Wall Street:
>Goldman, Sachs & Co., Merrill Lynch & Co., Citigroup Inc., Chase Manhattan
>Bank, Credit Suisse First Boston Inc. and Morgan Stanley Dean Witter Inc.
>
>A joint letter signed by Federal Reserve Chairman Alan Greenspan, Treasury
>Secretary Lawrence Summers, Securities and Exchange Commission Chairman
>Arthur Levitt and Commodity Futures Trading Commission Chairman William
>Rainer strongly endorsed the legislation.
>
>"This important legislation will allow the United States to maintain its
>competitive position in the over-the-counter derivative markets by providing
>legal certainty and promoting innovation, transparency and efficiency in our
>financial markets while maintaining appropriate protections for transactions
>in non-financial commodities and for small investors," the letter stated.
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