20:45 CFTC head Gary Gensler to propose new derivatives rules on Thursday - NY Times
The Times reports that Gary Gensler, the new chairman of the Commodity Futures Trading Commission, will ask Congress on Thursday to impose new restrictions on financial firms that deal in derivatives. According to the article, lawmakers said that Gensler is expected to propose two sets of regulations - one set for the individual dealers of derivatives and another for the marketplaces where the instruments are traded. The two sets of rules are designed to eliminate the loopholes that some have argued would have weakened the plan announced three weeks ago by Treasury Secretary Geithner. Dealers would face requirements for capital reserves and collateral, imposing significant new expenses that could reduce their profitability. The proposal would also include antifraud and antimanipulation provisions, as well as potential limits on market positions and holdings. The new measures would apply no matter whether a dealer issued standard derivatives or custom-written contracts tailored to meet the needs of specific companies.

I am just not going to believe that any new rules will reign in the cabal until it is proven over a long period. But I'll hold out hope just in case.