Daily Archives: May 20, 2010

Alan Rappeport is an FT reporter, covering economics and business from New York. All times are in US eastern standard time.

SEC chair Mary Schapiro and CFTC chair Gary Gensler spoke before a Senate banking committee on the causes and lessons of the May 6 market plunge. Below, beginning from the bottom up, is the blow-by-blow.

11:07am: That concludes the first panel. Those wishing to follow along for the second panel with the heads of the NYSE Euronext, FINRA, NASDAQ OMX Group and the CME can do so here

11:03am: Finally, Mr Reed questions Mr Gensler on banning OTC swaps. Mr Gensler calls these important tools for risk management. He wants comprehensive regulation of the dealers.

11:01am: Ms Schapiro said she would agree with a policy to allow the Federal Reserve to provide immediate liquidity to the markets in a crisis.  Read more

John Gapper

A few financiers in London’s Mayfair must be considering life on a smaller island or by a Swiss lake.

This week’s vote by European finance ministers to curb the activities and pay of hedge fund managers was followed by the German finance regulator trying to limit “speculation” by imposing restrictions on short-selling. Read more