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"In June, the Obama Administration proposed a new regulatory framework for financial markets that should have kicked off a vigorous debate over the future of financial regulation. Yet, until the President's recent Wall Street speech, the sense of urgency to pursue reform seemed to be abating. Now is the time to take action."

So says NYSE Euronext (NYSE:NYX) CEO Duncan Niederauer in an op-ed in the Wall Street Journal.

Among other things, Duncan calls for:

  • Harmonizing the regulation of equities and derivatives at the SEC and CFTC;
  • Appointing the Fed as the systemic risk regulator;
  • Bringing certain standardized derivatives contracts into a transparent trading environment;
  • Walking away from "over-regulation" ideas such as a stock-transaction tax.

Now would be a good time to unfreeze some of the positive reform proposals that have become stalled in Washington, D.C., Duncan says, concluding:

"We cannot claim that we have learned the lessons from last year's events until we have truly responded. We are at a critical juncture in the history of our financial markets. The crisis created a once-in-a-generation opportunity to modernize our outdated financial regulatory structure. We cannot let this opportunity pass."