Discussion in 'Index Futures' started by Rickshaw Man, Feb 12, 2018.
Why? I can understand why they dont want the public footing the bill for something they dont use. Whats so idiotic?
Maybe the CFTC should learn cost-cutting instead of expecting a blank check for their budget increases....
I don`t know why they are doing all this things, is it because they are stupid or they what to destroy the economy.
Since most members of the public eat food and use energy, and both those industries benefit greatly from a regulated futures industry, pretty much anyone but the Amish and a few Kacyenski types "use" this service. Just like they "use" the military, FDA food and drug regulation, national nuclear labs, air traffic control, NASA...... pretty much any service provided by government even if they aren't personally handed that service. Should we start a vast additional bureaucracy to track and collect each cost to each user of very service? Believe me, you don't want that dystopia on a number of counts.
Raising fees on futures is going to destroy the economy? LOL. OK. This is ET afterall. If I had to choose between bailing out the entire industry to the tune of 500 billion and sending the bill to the taxpayers or paying another .05 per contract on futures, I'll take the fee thank you very much.
On the surface I completely agree. A few pennies is fine. The problem is it's government imposing the fee, through the CFTC, not the industry itself. Yes, it's almost six of one half dozen of another, government or exchanges, banks, etc. But we know the track record of government... the fee may have "favorites", and not affect all market participants equally, the fee once begun, will never disappear, the fee will never be reduced, and since the fee is (supposedly) for funding the CFTC annual budget, the fee is guaranteed to increase.
They are talking about 32M in this budget... I'm guessing the CME all by its lonesome could pass through a fraction of a penny and provide 32M annually. Unfortunately, if this passes, I'm also guessing it will start out being reasonable, and then not so much. Another 8 piece pie for government to devour.
It's not going to pass. BTW, the fee was not going to be place on traders but on registrations and possibly examinations. I agree fees and regulations once started tend to spin out of control but the one area where we need more regulations is in the futures industry. The amount of fraud is mind boggling and the CFTC is woefully underfunded. For now, the taxpayer and investors will foot the bill.
Separate names with a comma.