Like the four who held the job before him since its, er, difficulties began five-and-a-half years ago, Steve Freiberg did not do a particularly good job running E*Trade. But he’s been compensated handsomely for facing the wrath of an angry Ken Griffin before getting a pink slip in August. Read more »
Commence the groveling! Read more »
So credit-default swaps have a pretty bad rap in the wake of that whole financial crisis. And people apparently aren’t interested in trading things that some parts of the general public (otherwise known retail investors) blame for the aforementioned unpleasantness without actually understanding anything about CDS.
In early October of 2008, Ken Griffin and his partners-in-crime at the Chicago Mercantile Exchange had a dream. It was a dream of bringing “stability and transparency” to the credit-default swap market in such a way that would “reduce much of the systematic risk inherent” in those crazy derivatives.
That December, the CMDX clearinghouse/trading platform got the go ahead from the Commodity Futures Trading Commission. In March of this year, it received its final regulatory approvals.
And, if it’s lucky, for Hannukah, it may actually get to clear a trade or two.