Senator Harkin To Introduce Bill to Force Derivatives Onto Regulated Exchanges

I think that it's a good idea, because the markets need transparency:

Senate Agriculture Committee Chairman Tom Harkin plans to introduce a bill Thursday that would force all over-the-counter derivatives, including credit-default swaps, onto regulated futures exchanges.

The problem for some folks, like hedge funds and former Lehman employees is that this will shut their business model down, because it is predicated on secrecy.

It's not a problem for me, though. Just shut it down, and the stuff that continues, let a Commodity Futures Trading Commission with serious teeth aggressively enforce this.

Any business model that is predicated on information asymmetry and secrecy is dishonest at its foundations, and should be restricted.