Is Bitcoin a "futures contract?" Maybe. A futures contract is not defined in the CEA specifically, but it has been defined in the courts as a commitment to deliver or receive an asset - including U.S. dollars - in the future at a pre-agreed price.
U.S. stocks declined, with the Standard & Poor’s 500 Index falling from a record, as valuations reached an almost four-year high and forecasts at companies from Caterpillar Inc. to Broadcom Corp. disappointed investors.
In both the securities and derivatives worlds, new rivals have emerged to offer comparable services for similar transactions. Here we question whether exchange mergers can stem the gains made by those alternatives.
Originally published in our 2007 "Agents of Change" special issue, this piece chronicles Philip McBride Johnson's involvement in the regulatory structure of the futures industry and his role in bringing financial instruments to the futures markets.