Where Have All the Margins Gone?

You can tell when a tsunami is about to strike when the normal tide recedes from view as it adds its volume to that of the oncoming tsunami. Since the CFTC usually takes its cues from Congress, these quiet lame duck days of the Bush administration could be seen as the regulatory tide receding before the Obama administration and 111th U.S. Congress pump out new market regulation by the boatload.

The key phrase for everyone is going to be "market transparency," which means there will have to be an

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