Everybody Wins!

This afternoon, the SEC and CFTC factions settled their feud over derivatives regulation. The "concept paper" developed jointly by Barney Frank and Collin Peterson would divide regulation "depending on the underlying asset" between "either the SEC or the CFTC, or potentially both."

Playing Solomon over this arrangement would be the still-non-existent Financial Services Oversight Council which will have 180 days to "resolve disputes ... over new products."

How could this not work?

For a summary see this Reuters Fact Box.