Margin Requirements for Transactions in Financial Instruments: Hearings ... - United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs - Google Books

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Harold Williams, Chairman, Securities and Exchange Commission-Contin-

Adopt margin requirements.

Prepared statement

A. The commission's response to the March silver trading crisis.

B. The statutory framework for regulating futures trading

C. Margin regulation..

Prepared statement before the Subcommittee on Commerce, Consumer,

and Monetary Affairs of the House of Representatives Committee on

Government Operations, May 14, 1980.

Prepared statement before the Subcommittee on Agricultural Research

and General Legislation of the Senate Committee on Agriculture, Nu-

trition and Forestry, May 2, 1980........

Subsequent information received regard the Securities Investor Protec-
tion Corporation.....

Letter to James M. Stone, re: Application of the Kansas City Board of

Trade for contract market designation in a future based upon the value

line stock market average

173

Prepared statement

138

James M. Stone, Chairman, Commodity Futures Trading Commission; Read

P. Dunn, Jr., Commissioner, CFTC; David G. Gartner, Commissioner,

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Lee H. Berendt, President, Commodity Exchange, Inc..

Prepared statement

Statement of Commodity Exchange, Inc..

Legislative history of continuing Congressional refusal to grant

margin authority over futures contracts to any Federal agency

Rationale for Congress' determination to grant exclusive jurisdiction

over regulation of commodity futures trading to the CFTC.....

Chronology of activities relating to the silver market from September

1979 through March 1980:

A. Introduction.....

B. Statement of Commodity Exchange, Inc.:

I. Scope of statement

II. General Description of Comex Silver Market.

III. Summary of events and highlights.

IV. Chronology of events at Comex from September 1979

through March 1980 relating to silver futures....

V. Activities of audit staff at Comex from September 1979

through March 1980.

C. Exhibits of Commodity Exchange, Inc.:

1. List of members of Board of Governors of Commodity Ex-

Lee H. Berendt, President, Commodity Exchange, Inc-Continued

Chronology of activities relating to the silver market from September

1979 through March 1980-Continued

C. Exhibits of Commodity Exchange, Inc.-Continued

6. Liquidation trading order and exemptions.....

7. Position limit rule as amended

8. Comex response to CFTC inquiry.

9. Daily Comex settlement prices for spot silver

D. Statement of Comex Clearing Association, Inc.:

I. Scope of statement.

II. Role of clearing association

III. Self-regulatory approach.

IV. Chronology.

E. Attachments of Comex Clearing Association, Inc.:

1. Attachment A-Original margin rates for silver effective on

and after September 10, 1979.

2. Attachment B-Original margin rates for silver effective on

and after September 21, 1979.

3. Attachment C-Resolutions of board implementing Comex

original margin rule Q...

4. Attachment D-Informating sharing agreement between Asso-

ciation and Comex

5. Attachment E-Original margin rates for silver effective on

and after January 7, 1980....

6. Attachment F-Extract from minutes of Board meeting of

January 27, 1980.

7. Attachment G-List of officers and directors of Comex Clear-

ing Association, Inc....

8. Attachment H-List of clearing members..

Andrew F. Brimmer, former Public Governor of Commodity Exchange, Inc.

Caution against a rush to judgment..

Letter to Senator Stewart regarding foreign banking institutions

Robert K. Wilmouth, president, Chicago Board of Trade

Part II.-Futures "margins".

Detailed statement..

Part I.-Financial and precious metals futures and the role of

2. The role of speculation in futures markets...

3. The nature of futures "margins”.

1. The role of financial and precious metals futures.

7. The silver and gold markets: An economic analysis.

8. Performance of the Chicago Silver Futures Market.

9. Self-regulatory activities of the Chicago Board of Trade in

the Chicago Silver Futures Market

12. Self-regulation and the public interest.

Clayton Yeutter, president, Chicago Mercantile Exchange.

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Richard L. Thomas, president, First National Bank of Chicago...

Elvis L. Mason, chairman of the board, First National Bank in Dallas.

Credit facility for Placid Oil.....

James O. Boisi, vice chairman of the board, Morgan Guaranty Trust Co...

Forward contracts and futures contracts

Voluntary credit restraint program

Howard Stotler, chairman of the board, Futures Industry Association, accom-

panied by Leo Melamed, director..

Speculative element..

Prepared statment

Article from the Congressional Record "Margins on Futures Contracts"

Prepared statement of Leo Melamed

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Letter from general counsel, Securities of Exchange Commission enclosing

two "troubling advertisements.

Copy of complaint and notice of hearing pursuant to sections 6(b), 6(c) and

8a(3) of the Commodity Exchange Act..

Federal Deposit Insurance Corporation, response to Senator Proxmire's re-

quest seeking information on loans made by State nonmember banks to

Nelson Hunt.....

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Handy & Harman, “Highlights of the Silver Market 1979”.

Summary of world stocks..

The outlook.......

Statistical tables.

Minneapolis Grain Exchange

Mortgage Bankers Association of America....

Scott D. Dial, past silver specialist for Clayton Brokerage Co. Inc.

Silver Users Association:

Statement of May 2, 1980..

Statement of May 22, 1980

Statement of June 5, 1980 Newsletter of Jan. 11, 1980 Newsletter of May 8, 1980 The Mortgage Corporation....

Andrew G. E. Racz, security analyst.

[See also committee print, Senate Committee on Banking, Housing and Urban Affairs, "Information Related to Futures Contracts in Financial Instruments, Parts I and II-Including Positions of Exchange Directors in Silver and Gold Futures."]

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