The Proposed Modernization of Derivatives Act of 2016Although the bill is still only a proposal, it enjoys bipartisan and bicameral support, and could become law.Floor traders were required to be registered, on the theory that they enjoyed a special position vis-à-vis access to information and the ability to react rapidly by virtue of being on the exchange floor.
Trading on the floor accounts for less than 1% of all trades and continues to dwindle. Doesn't make sense why this law is proposed with no attention.
I wonder what inspired this and why it has bipartisan support. It is sponsored by Senator Wyden (D) Oregon. jaredsxtn, What do you know about Wyden that might explain why he sponsored this proposal that has bipartisan support.
Article in the link above explains it.
Dockadams Wrote:marcumllp.com/insights-news/the-moderni...Article in the link above explains it.