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Mr. Miranda acknowledges that the exchange appeared racist.
A proof of solvency demonstrates that the exchange controls sufficient reserves to settle each customer's account.
Most courts believed that the Exchange Act gave the Commission this power.
Only if you think that the exchange rate should be determined by Japan's super-competitive manufacturers.
"The fact remains, though, that the exchange is not binding on all debt holders.
He said, though, that he could tell by body language that the exchange was not combative.
(A spokesman for C.M.E. said last week that the exchange did not cave to Markit's terms).
"I just felt that the exchange demystifies the process a little".
A spokesman for the panel denied that the exchange had occurred.
All this leaves open the possibility that the exchange may rise from the ashes.
Some contributors note that the exchange rate should provide a mechanism for achieving this change.
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