Word: merc
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Dates: during 1980-1989
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...York will have to play by similar rules. The commission's central recommendation is that one agency -- preferably the Federal Reserve -- coordinate the activities of all U.S. financial markets. Currently, the Securities and Exchange Commission regulates the stock exchanges and the Commodity Futures Trading Commission oversees the Chicago Merc and other exchanges that deal in stock-index futures...
...corporation, which can be held for the long term. The person who buys or sells a stock-index future, in contrast, is making a short-term bet on which direction the overall market is going to go in the near future, usually a month or less. Thus the Chicago Merc is used primarily by brokerage firms and speculators seeking quick profits, and by money managers who want to hedge their portfolios against losses in the stock market. The rules of the two games are wildly disparate. In the stock market, the margin requirement -- the percentage of down payment that...
Since then, the Chicago Mercantile Exchange has imposed a limit on the amount that an index futures contract can rise or fall in a single day. The Merc has also increased the amount of cash, or margin, that speculators must put on deposit. Congressional investigators are talking about additional safeguards to limit the number of futures contracts a broker could execute in a day. But at hearings last week in Washington, Merc President William Brodsky argued that the sale of index futures had a stabilizing effect on Black Monday. Without that escape valve, Brodsky suggested, the Dow would have fallen...
...character and incident that builds to an ugly and violent mood. Dunne is a masterly setter of scenes and a merciless satirist, whether the target is an incontinent captain of industry or a criminal who has been packaged as a black revolutionary and needs an investment adviser: "The Merc and I were thinking more along the lines of Ornstein and Shay. Tax specialists . . . Estate planning. Top litigators. On the civil side, of course...
...stability of the marketplace." But a senior White House aide quickly denied that the Administration would depart from its free-market philosophy, "even if it means the oil price drops to $1." The seemingly conflicting comments generated jitters in the oil-trading pit of the New York Merc, where the price of West Texas Intermediate edged back up to $12.74 at week...