Stephen Merkel is the Executive Managing Director, General Counsel and Secretary of Cantor Fitzgerald, L.P. He joined the firm in 1993. He is also Executive Vice-President, General Counsel and Secretary of BGC Partners, Inc. Previously, he was the Director, Senior Vice-President, General Counsel and Secretary of eSpeed. Prior to joining Cantor Fitzgerald, Mr. Merkel was Vice-President and Assistant General Counsel at Goldman Sachs & Co., dedicated to the J. Aron Division. Mr. Merkel graduated with a B.A. Magna Cum Laude from the University of Pennsylvania and received his law degree from the University of Michigan School of Law.
Steve Johnson and Baptiste Aboulian
Financial Times, 23 May 2010
European politicians have proposed a complete ban on naked short selling, significantly widening the scope of the clampdown implemented last week by Angela Merkel, the German chancellor.
Naked shorting is already banned in the US, Hong Kong, Australia and Brazil, but the idea of a complete European-wide ban is likely to provoke controversy in some quarters.
DeepCapture, 21 May 2010
Well, the current state of the global financial markets is certainly interesting. I mean, you have to be a bit sick in the head, but if you think about it the right way, it really is “interesting” — sort of like, oo-wee, look, the girl in the cute leotard is falling off the tightrope, there’s no net, and she’s going to go “splat” when she hits that pavement. How interesting! And check it out, the circus animals have gone berserk — the tigers are tearing the trainer into bloody shreds, the elephants are stampeding, the tent might very well collapse, maybe we’re doomed, and look at those clowns – they’re still smiling. How deliciously interesting!
Holder Hansen, Andreas Rinke
Reuters, 18 May 2010
Germany, in an attack on the financial speculation on which it blames much of the euro zone’s debt crisis, on Tuesday announced a ban on some high-risk bets that prices of bonds and stocks will fall.
Analysts, however, were skeptical that Germany’s surprise move to ban some trades in a strategy known as naked short selling could be effective in taming market volatility, with one saying it suggested “desperation.”