This is a case that the government should not retry. The essence of the case is this: (i) what duty the trader owed the institutional customers in disclosing his cost of acquiring the positions and the source of those positions, (ii) whether the institutional customers should have believed what he told them, and (iii) whether the information he provided about the cost should have been relevant to the trading decision. The expert witness for the defense, whose testimony was excluded, would…

This is an incredibly rational concept: tailoring regulation in order to (i) reduce the burdens on the regulated and (ii) conserve the resources of the regulator.

After discussing the risks of central clearing for approximately seventy-five pages, the paper concludes with a passage that begins with these words: "The shift to central clearing has started to mitigate the risks that emerged in non-centrally cleared markets before and during the Great Financial Crisis."

Unfortunately, this conclusion has nothing to do with the rest of the paper. The authors make another statement that is more to the point, though it figures less prominently: "It…

The Act covers financial services provisions in Titles LXXI to LXXXVI (Titles 71-86, for those who neither received a classical education nor care about the Super Bowl).  In some ways, the most interesting statutory amendment that relates to financial services is Title 86, which effectively codifies the longstanding interpretation of exemption from registration for private secondary sales, which generally is known as 4(1-1/2) or, since the JOBS Act, as 4(a)(1-1/2). This longstanding…