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Actually John J. Lothian in his daily email news broke this story to me
earlier but I over looked it.
Robert
http://chicagotribune.com/business/businessnews/article/0,2669,SAV-0012150293,FF.html
At 11:14 AM 12/17/00 -0600, robert.cummings@xxxxxxxxxxxxxxxx wrote:
>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
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>At 08:49 AM 12/17/00 -0600, Mark Brown wrote:
>
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>>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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