Wall Street’s take on ethics and the downfall of PFGBest dominated financial news this week, while the CFTC finally approved rules for derivatives trading and HSBC admitted that for years it had done next to nothing to prevent money laundering.
July 13, 2012
4. Boom!
There's no question this is an incredibly foundational rule for the industry. The clock has started ticking, and it's a clock with a very short fuse.
—Gabriel D. Rosenberg, a lawyer at Davis Polk, which represents some of the biggest names on Wall Street, after the CFTC approved rules for derivatives trading.
Source: New York Times
