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Most large cities in the United States historically had morning and afternoon newspapers. As the media evolved and news outlets increased to the point of near over-saturation, afternoon newspapers were shut down except for relatively few. Morning newspapers have been gradually losing circulation, according to reports advanced by the papers themselves.
CFTC eyes ownership caps for swaps infrastructure
* Will propose plan Fri to prevent conflicts of interest
* May limit ownership of banks, other major players * Eyeing 20 pct cap for stakes in exchanges, SEFs * Two ownership limit options in play for clearinghouses * Concerns caps to hurt investment in new infrastructure By Jonathan Spicer and Roberta Rampton NEW YORK/WASHINGTON, Sept 29 (Reuters) – The U.S. futures
regulator is leaning toward proposing ownership caps for banks
and other major players in swaps markets who have stakes in
exchanges Vibram FiveFingers women’s Sprint, swap execution facilities, and clearinghouses, two
sources said on Wednesday. The Commodity Futures Trading Commission had not finalized
its draft plan and could still tweak details before unveiling
the proposal on Friday Jordan Heels, said the sources, who were familiar
with the draft but were not authorized to speak about it with
reporters. But they said the CFTC was strongly considering a 20
percent hard ownership cap for banks FiveFingers Women’s Sprint, financial companies,
dealers and major swap participants investing in exchanges and
swap execution facilities. One source said the CFTC also would ask for feedback on a
cap for the collective ownership by these players. For clearinghouses, at least two options were in play: – a 20 percent ownership cap for individual entities, as
well as a 40 percent collective cap on stakes held by banks,
financial companies, dealers and major players, and – a 5 percent ownership cap on stakes held by any
individual firm. The plan could shake up control at major firms, and
unsettle Wall Street firms battling to keep control over their
dominant share of the lucrative $615 trillion over-the-counter
derivatives market. It’s unclear whether any existing exchanges or
clearinghouses would be grandfathered from the new rules, the
sources said. The CFTC has not released details of the proposal, and a
spokesman declined comment on Wednesday. Proponents of limits have argued they are needed to prevent
large players from exercising too much power over the mechanics
of the vast market. But others believe the curbs would stall investment into
trading and clearing platforms at the very time an expansion is
needed to handle an influx of contracts and improve stability
and transparency in the sector. The proposal — the first of as many as 80 regulations the
CFTC will draft over the next year — is an early test of how
hard the agency intends to crack down on previously unregulated
swaps, blamed for accelerating the recent financial downturn. It also comes ahead of other related rules, including
definitions to spell out who is considered a swap dealer,
non-bank financial company www.vibram5fingersshoes.net/, and a major swap participant. Ownership limits of 20 percent were originally championed
by House Democratic lawmaker Stephen Lynch. But during final late-night negotiations on the bill in
June, Congress decided to replace the measure with what some
proponents call “Lynch-lite.” The amendment gave regulators the
power to make ownership and governance rules, or take other
steps to prevent conflicts of interest, but did not require
them to do so. The Securities and Exchange Commission has similar
authority for securities-based swaps. The deadline for final
rules for both agencies is set for January, making it one of
the earliest measures they will need to act on. At Friday’s hearing, the five CFTC commissioners will vote
on whether to release the proposal for public comment. Chairman
Gary Gensler has said the agency will accept comments for at
least 30 days. Ownership limits were opposed by major players at a public
meeting CFTC and SEC staff held last month. [ID:nN20127257] That discussion included representatives from
IntercontinentalExchange Inc (ICE.N), the Options Clearing
Corp, Morgan Stanley (MS.N), Tullett Prebon Americas Corp
(TLPR.L), LCH.Clearnet Group, JPMorgan (JPM.N), and NYSE Liffe
U.S. (NYX.N).
Even in those situations where objectivity is expected, it is difficult to achieve, and individual journalists may fall foul of their own personal bias, or succumb to commercial or political pressure. Similarly, the objectivity of news organizations owned by conglomerated corporations fairly may be questioned, in light of the natural incentive for such groups to report news in a manner intended to advance the conglomerate’s financial interests. Individuals and organizations who are the subject of news reports may use news management techniques to try to make a favourable impression.[citation needed] Because each individual has a particular point of view, it is recognized that there can be no absolute objectivity in news reporting.
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