The final outcome will reveal a lot about how much power the SEC chair really has.
Sophisticated financiers often turn to derivatives when they want to accumulate a large position in a stock without the market getting wind of what they're doing. The Securities and Exchange Commission would love that practice to stop.Rich investors love being able to operate in stealth mode, and they have a lot of lobbying clout. The final outcome of this fight will reveal a lot about how much power SEC chair Gary Gensler really has.
Without it, they say, activists wouldn't be able to build a large enough position without the rest of the market being able to find out what they were doing and front-run their trades.Axios' Michael Flaherty says the sheer weight of the financial industry's lobbying efforts against the proposed rule makes the chances of it passing extremely slim.
If that's true, then we'll continue with the current slightly incoherent system, whereby rules enforced in the cash market are easily circumvented in the swaps market.Share on linkedin
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