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I pulled this from another list I'm on having to do with Omega
products. It seemed quite interesting so I thought the group
would be interested to see it. As a result, I'm forwarding it
to the RT for your information...Phil
JMB wrote:
>
> HELLO, THIS IS IMPORTANT!!
>
> HOW DO YOU FEEL ABOUT DEREGULATION OF THE FUTURES INDUSTRY??
>
> ARE YOU EVEN AWARE THIS IS HAPPENING??
> --------------------------------------------------------------
>
> I don't see any discussion on the impact of the deregulation and
> partitioning of the markets that Senate bill S.257 could bring. The
> Futures magazine article ("Professional Markets: An appeal for
> change." July 1997), seems a little late in the game to give small
> speculators a real opportunity to participate in the process.
> According to the article, Sen. Richard Lugar, Chairman of the
> Committee on Agriculture, Nutrition and Forestry, "predicts a markup
> by July."
>
> For those who can't readily read the article, there seems to be two
> points of central concern for the small speculator.
>
> One would be the broad effects of deregulation, including the possible
> loss of protections such as proper margining, audit trail procedures,
> record keeping, segregation of funds and commitment of traders
> reports. The CFTC would apparently loose most of its power to protect
> the small trader.
>
> The second point of concern would be spinning off of segregated
> markets that the typical trader couldn't participate in. Special
> licenses and possibly heavy capitalization would be required. Are
> segregated markets free markets? Only a special class of people would
> be entitled to trade in them. The CBOT would seem to be committed to
> the position that there's no other way to compete with the OTC market.
> The president of the National Introducing Brokers Association is
> quoted as saying, "If the pro markets move upstairs to a computer, we
> will see the destruction of the futures industry as we know it today."
>
> > Anyone else out there besides me feel like this could be a big concern?
>
> Check out the sites below.
> --------------------------------------
> All current bills before congress.
> http://www.gpo.ucop.edu/catalog/cong_s.html
> S.257 is about half way down.
>
> Testimony from major players.
> http://www.senate.gov/search/index.html
> enter S.257 in the search field. The results are listed below.
>
> TESTIMONY OF LAURENCE E. MOLLNER;CHAIRMAN FUTURES INDUSTRY ASSOCIATION
> http://www.senate.gov/~agriculture/molltest.htm
>
> TESTIMONY of a COALITION Of INVESTMENT AND COMMERCIAL BANKS
> http://www.senate.gov/~agriculture/invest.htm
>
> Patrick Arbor, Chairman of the Chicago Board of Trade
> http://www.senate.gov/~agriculture/cbot.htm
>
> Daniel Rappaport Chairman New York Mercantile Exchange
> http://www.senate.gov/~agriculture/nymex.htm
>
> Statement of PSA The Bond Market Trade Association
> http://www.senate.gov/~agriculture/psa.htm";
>
> JAMES J. BOWE, PRESIDENT COFFEE, SUGAR & COCOA EXCHANGE
> http://www.senate.gov/~agriculture/bowe.htm";
>
> BROOKSLEY BORN CHAIRPERSON COMMODITY FUTURES TRADING COMMISSION
> http://www.senate.gov/~agriculture/cftctest.htm
>
> Written by Chris Burke <cburke@xxxxxxx>
> Relayed by Jeff Bliven
> L.A. Futures Support Group
> 10010 Aldea Ave.
> Northridge, CA. 91325
> (818) 773-8100
> e-mail @ <focusads@xxxxxxx>
> homepage @ <http://www.wgn.net/~focusads/>
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