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SEC’s Silent Opposition to Arbitration Bylaws is Speaking Volumes

National Law Journal August 12, 2013 By Hal Scott and Leslie Silverman The U.S. Securities and Exchange Commission last year rejected without explanation the attempt by the The Carlyle Group L.P. to go public with a provision in its partnership agreement requiring individual arbitration instead of securities class actions. That

Dodd-Frank Makes Contagion More Likely

Published in Politico August 5, 2013 By Hal Scott Last week, writing in POLITICO, former members of Congress Chris Dodd and Barney Frank touted the fact that the legislation that bears their names now forbids using public funding to keep failing banks in business. “The U.S. federal government now has

Days’ Difference in Margins is Highly Important

Financial Times Letter to the Editor July 24, 2013 Sir, Philip Stafford’s article “EU-US swaps trading deal is not the end of the story” (Quick View,, July 16) and my recent op-ed in the Wall Street Journal (“Land Mines in the Derivatives ‘Path Forward’”) agree that the regulation of

Land Mines in the Derivatives ‘Path Forward’

Wall Street Journal By Hal Scott Last week’s announcement of a “Path Forward” by the U.S. Commodity Futures Trading Commission and the European Commission is an important step toward coordinating the rules for derivatives trading. However, the agreement’s failure to address conflicts in rules for clearinghouses—which will handle the vast

Stamping Nonbanks ‘SIFI’ Is Harmful and Needless

American Banker By Hal S. Scott The Financial Stability Oversight Council is about to decide which nonbanks with assets of $50 billion or more to designate as systemically important.  It should use this authority extremely sparingly because it is based on the flawed premise of connectedness.   The Lehman Brothers failure