Wall Street wants freedom, lots and lots of freedom, to do again what it did in the years leading up to the near melt-down it went through in 2008. It desires liberty to buy and sell swaps and other exotic (derivative) contracts as it sees fit.
Two of Wall Street's proxies, the Investment Company Institute and the Chamber of Commerce, sued to block the Commodity Futures Trading Commission from enforcing new rules that aim to curtail the leeway financial behemoths have to destroy civlization as we know it. The D.C. Circuit said no. Inv. Co. Inst. v. Comm. Futures Trading Comm'n, No. 12-5413 (D.C. Cir. June 25, 2013).
Blawgletter won't bore you with the details, but we will highlight one point of dispute. The Wall Streeters urged that the CFTC should exempt derivatives that relate somehow to "risk management" instead of only those that qualify as "bona fide hedging transactions". As we have explained, the difference between bona fide hedging transactions and other kinds of derivative trades means the difference between insuring a house you own and trading in "financial weapons of mass destruction".