Before that, she reported for Reuters and Knight-Ridder Financial News in the futures trading pits of Chicago.
But in the 1980s, financial futures began to dominate trading.
The bank agreed to pay the fines to the Financial Services Authority, Commodity Futures Trading Commission and Department of Justice, entering into a deferred prosecution agreement in the U.S. related to one count of wire fraud.
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There were high hopes originally for Schapiro, who had plenty of regulatory experience running the Commodity Futures Trading Commission and the Financial Industry Regulatory Authority.
He proposes increases for the Securities and Exchange Commission and the Commodity Futures Trading Commission, two financial regulators that have come under fire after recent Wall Street mishaps.
The Financial Times reported on Monday that the Commodity Futures Trading Commission is discussing whether Bitcoin might fall under its regulatory jurisdiction.
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The new regulation is a part of the Dodd-Frank financial reform act, under which the Commodity Futures Trading Commission (CFTC) proposed rules for how OTC derivatives clearing houses should be regulated.
Dodd-Frank gave rulemaking authority to at least eight agencies, for example, and the Securities and Exchange Commission is constantly fighting with the Justice Dept. and the Commodities Futures Trading Commission over who should police financial fraud and products like derivatives.
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The Justice Department started investigating potential rate manipulation about three years ago, in conjunction with the U.S. Commodity Futures Trading Commission and the U.K. Financial Services Authority.
The Commodities Futures Trading Commission (CFTC) has said that financial firms trading either for themselves or for their clients could hold as much as 81 percent of all contracts on the NYMEX.
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The bank has said it has received requests for information related to government inquiries and investigations by Congress, the Department of Justice, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the U.K. Financial Services Authority, the state of Massachusetts and others.
Big corporations hedge away financial risks in the futures market on the Chicago Mercantile Exchange, among other trading venues.
If the protesters had been able to get into the FIA keynote the following day, they might have been surprised to hear Gary Gensler, chairman of the Commonity Futures Trading Commission, saying something similar about the problems the financial services industry had caused through excessive leverage, as I detail below.
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The complaints have gotten a sympathetic ear on Capitol Hill, where lawmakers have just gotten a proposal by the Treasury Department for a sweeping overhaul of financial market regulation, including the merger of the SEC with the Commodities Futures Trading Commission and the reassignment of many of the SEC's enforcement duties to the stock exchanges and other self-regulatory agencies.
Gary Gensler, the head of the Commodity Futures Trading Commission, told the audience at the Securities Industry and Financial Markets Association meeting that the work was far from over.
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He joined Goldman Sachs in 2005 and worked there until his sacking, for building up "inappropriately large proprietary futures positions in a firm trading account", according to a filing with the Financial Industry Regulatory Authority (Finra).
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Goldman fired Mr. Taylor on Dec. 21, 2007, for "alleged conduct related to inappropriately large proprietary futures positions in a firm trading account, " the bank wrote in a filing submitted to the Financial Industry Regulatory Authority, which oversees broker-dealers.
There are plenty of financial instruments today, such as derivatives and futures, for those who want the rushes and crashes of high-octane trading.
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