From Forbes | A New York Times article this weekend about how a “secretive banking elite,” as the headline put it, rules the derivatives trade. The story details how a secret cabal of bankers meet regularly with and control the risk committee at ICE Trust, part of the IntercontinentalExchange.
That came as no surprise to Forbes investment writer Emily Lambert. But what was even more interesting to her was the story’s description of the influence the dealers have at CME Group, the exchange company run by Chairman Terrence Duffy and Chief Executive Craig Donohue — indicating that in the long-running derivatives power struggle between New Yorkers and Chicagoans, the New Yorkers have won. Get the full story>>
