Word: ruder
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Dates: during 1980-1989
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...wife newly arrived in Washington knows life has changed for the worse when she attends her first cocktail party and the photographer asks her to step aside while he snaps a picture. For Janis Berman, wife of California Congressman Howard Berman, the initiation was even ruder. She called several weeks in advance to tell the hostess of a party welcoming the Bermans to the capital that she would be stuck in Los Angeles that day. After ascertaining that the Congressman would be in town, the hostess briskly told Berman, "That's O.K. We'll just go ahead without...
...first won jurisdiction over the instruments in a bitter tussle six years ago, but the SEC has been looking for a chance to gain control over the fast-growing market ever since. Last week the SEC made its move. In testimony before the Senate Banking Committee, SEC Chairman David Ruder asked Congress for broad new powers that would make his agency the ultimate regulator of stock-index futures and any new investment vehicles based on stocks. The securities and stock-index-futures markets, he argued, have become too intimately entangled to divide their supervision between two regulatory agencies. Said...
...Ruder chose his moment well. A day earlier, the SEC released a 900-page investigation of October's crash that provided the most detailed account yet of how trading in stock-index futures turned what might have been just a bad day on Wall Street into a debacle of historic proportions. The SEC identified at least three critical moments on Black Monday when futures-related program trading accounted for more than 60% of the volume on the Big Board, as traders caught with plummeting futures contracts rushed to sell the underlying stocks. At the height of the crash...
...Ruder's proposal was opposed not only by the CFTC but by two of the SEC's five commissioners, who said that a power struggle between the agencies would only divert attention from the need to reform the markets before they tumbled again. In fact, two of the largest financial markets last week took pre- emptive steps to lessen their volatility. The Chicago Mercantile Exchange, which handles trading in stock-index futures, proposed new daily limits on how far the price of a futures contract should be permitted to swing, and called for greater coordination between the stock and futures...
...Brady commission did not highlight the role of the specialist, but that may be a major topic of the report expected to be released this month by the Securities and Exchange Commission. SEC Chairman David Ruder contends that a way must be found to provide a much larger pool of capital for the specialists. Says he: "There is just not enough buying power in times of emergency...