Boca Bits — FIA Boca 2017 Day One

“Informationxchange” Leads Off

There was no snow, sleet or freezing rain at FIA Boca 2017, although there was a tornado warning the first evening.
Chris Edmonds moderates the ICE panel, featuring (l-r) Finbarr Hutcheson, Lynn Martin, Trabue Bland, and Hester Serafini.

News From Our Sponsor and a Panel to Pound on Regulators

  • Donohue describing the term “market structure” as ironic because the shape of markets has been bent into microstructures that serve narrow interests so that only a few can even begin to explain and understand the first principles that are supposed to underlie markets.
  • Bodson saying that we’ve forgotten about the end customer and have, instead, made it “damn near impossible” to lay off non-standard risk. He also gave an example of “dumbass regulation” that requires DTCC (and others) to be back online within two hours of a cyberattack, regardless of other considerations, including the preservation of evidence from the attack.
  • Wilson on the era of “gotcha” regulation that focuses mostly on headlines and fines.
  • Spenser on a number of occasions including his taking to task a draft U.K. regulation that contained language that said that normal hedging could be considered to be manipulative in some cases (regulators couldn’t come up with an example of where that would be true when he pressed them for one). Most pointedly, taking the CFTC to task for their prosecution of Wilson and DRW for manipulation of swap futures prices, a case that is pending a judicial decision. Somehow, Don Wilson managed to keep a straight face through Spencer’s remarks but I suspect that he was smiling on the inside.

On to Day Two

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Chuck is a student of markets and frequently writes on topics ranging from emerging technology to current events in financial services and beyond.

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Chuck Mackie

Chuck Mackie

Chuck is a student of markets and frequently writes on topics ranging from emerging technology to current events in financial services and beyond.

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