there was one dissenter, republican in the cftc dissented. committee chairman republican jeb hensarling, three years and 11,000 comment letters, we're left with one more incomprehensible washington regulation weighing in at nearly a thousand pages that will do nothing to help the nation recover from the slowest, weakest, non-recovery since the great depegs. obviously there are politics involved in these statements however, however, there are a lot of small banking institution that is simply can't afford to do all the checking and double-checking and triple checking this law requires them to do, right? >> there may be some that need a little bit of help but let me make two points. first of all this isn't designed, the volcker rule to get our economy back on track. the volcker rule is designed to avoid another economic collapse like we saw in 2008. so that is the mandate. david: but couldn't you, couldn't you do that in a very simple way, bart? if you don't mind, i mean i'm, i'm not self-centered but i have the asman rule here. let me put it to

the fdic has just voted procedurally and you expect the cftc vote will happen?ocess. the file around and we sign at all one by one. i anticipate we will complete the vote sometime soon and my prognostication is that it will pass with enough votes. >> this is a volcker rule that you like. you think the end result is a right balance between enforcement and allowing wall street to do with the day-to-day business? >> absolutely. it's sort of a shocker. i spoke here a few weeks ago and i could not imagine how much of this rule had been weakened. the draft i look at two and a half weeks ago but thankfully, it's rigorous and strong and i'm very pleased. it does a lot of good things, the full intent of the law. >> how is this strengthened from what you saw two and a half weeks ago to today specifically in the area of hedging? >> that's a key issue. banks are prohibited from entering into speculative bets. what the law requires, what the rule requires now is that there has to be a correlation analysis. there has to be a correlation between the risk and the hedge. if the

coming up in the next hour, david will talk to children of the cftc. to talk about regulatory issues. guess what, you will be talking about the volker rule. all be right back. stay with fox business. [ male announcer ] what if a small company becameig business overnight? ♪ like, really big... then expanded? ♪ or their new product tanked? ♪ or not? what if they embrace new technology instead? ♪ imagine a company's future withhe future of trading. company profile. a research tool on thinkorswim. from td ameritrade. cheryl: okay we're just now two minutes away from the closing bell. want to take a look at some sectors moving today. in the s&p 500 the sectors actually moving to the upside, materials, consumer discretionary doing well. that is it. if you look at consumer staples, utility that is group is down as well as telecom. kind of a sector day. we're ending the day into negative but obviously we had such a nice day last friday. yesterday we actually eked out, david asman, eked out a little bit of a gain. it has been back and forth. the market is very

the cftc meeting is not going to happen today. five federal regulators who all had to weigh in today. willt appears likely they not because of the closure of the federal government. it just means one more day of waiting for wall street. >> the thing with the volcker rule is the rules got tougher as it got closer to the vote. it was unexpected. does that mean the lobbying groups did not get the job done? >> there has been a ton of lobbying and they have been lobbying every single aspect to it but it is fair to say at the end of the day the rule will be tougher than many expected. especially when it comes to the issue of hedging. for example, no more london whales. the events surrounding jpmorgan had a big impact on what the final language looks like. you have to specifically be targeting a specific risk here as you hedge. you can't just do a broad swath of portfolio hedging. but there is more latitude when it comes to market making. regulators have tried to at least allow the wall street angst to be able to buy and sell securities

. >> the commissioner of the cftc even pushed for a tougher volcker ruler. >> it does a lot of good thingswhich i think are the full intent of the law. >> banks will have until july 2015 to comply. we are off to ups next. it's the busiest time of the year for the world's largest package moving company, and it takes a lot of muscle to do it. we are going inside ups next. ♪ >> we are going inside ups. it's the busiest season of the year for the world's biggest package delivery company. >> this year is different for ups. ♪ ♪ ♪ >> this year is different for ups. the holiday shopping season is shorter, which means workers have fewer days to get the job done. carol massar sat down with the cfo. just so you know, it's noisy. >> this shopping season between thanksgiving and christmas has six less shopping days. what typically happens when the calendar is suppressed like that is we see much more on a daily basis. we expect average volume between thanksgiving and christmas will be up about eight percent on a per-day basis. >> last year, you had your busiest day, i think, of 4 million packages either

. ♪ gary gensler is dazed and stepping down as the chairman of the cftc.e brought new transparency to the 400 trillion dollars derivatives market. he battled the banks. he is not making any apologies on his way out the door. he set down for an exclusive interview with peter cook. listen. like the feel financial system is safer today as a result of what has happened with the cftc? >> yes. markets are more transparent. you can see the pricing of each transaction that goes through. swaps were at the center of the crisis. i feel good about what they have achieved. regulatorsfinancial have been upset because you have been the toughest of all of them. why is that? >> it is a different job. to makein washington is sure that markets work for the american public. 94% of the public does not work in finance. 6% (it few work in markets -- among the remaining 6%, if you work in -- he worked in swaps.work president roosevelt brought security in the 30s. that was part of our great economic growth. now president obama turned to congress and said how do we do the same in t

cftc regulates derivatives and sec regulates stocks companies. cftc have severe budget crunch. they're asked to do a whole lot under dodd-frank. they said they can't do it with the funding they're getting. they're asking for more none any. as you know that is always a fight with congress. >> host: emily stephenson with reuters. thank you for your time. >> guest: thank you. >> a rare constant in american political life, if you look at you know, say congress in 1901, less than 2% of members came from working class background. got into politics and then eventually wound up in congress. so a flash forward to the present day. the average member of congress spent less than 2% of their career doing manual labor jobs, doing service industry jobs. and so, this is one thing that really hasn't changed, you know. lots of different aspects of the political process have changed. broadcast television, cable news, the rise of canned today centered election and big money and clients of unions and while all this is happening one of the constants during that, during the last 100 years or so is wo

but the cftc has canceled the public portion of its meeting on the volcker rule.he commission will still vote behind closed doors to approve it. and the ntsb has postponed the schedule hearing on the july crash of a flight in san francisco. people were taking pictures of it, posting it on twitter when they landed or crashed, rather. now set for tomorrow. >> all right. >> it's depending on the too much -- depending on the plane flying itself all the time. it'd be nice to have a pilot up there. otherwise -- >> this is a larger issue. >> all right. >>> big data is revolutionizing the way that companies are analyzing their information. hewlett-packard is playing a key role in this transformation. and joining us right now from the discover conference in barcelona is carl mahoney. and i know you have an announcement today with hp where you're talking about a deal, a partnership that's created the first of its kind early warning system for threatened species. that sounds like a really huge problem. and i'm just wondering, is this for real? >> it is absolutely for real. a

coming up, the cftc oversees the $400 trillion dollars market. its chief is stepping down.exclusive interview with gary gensler. britney takes to the stage in vegas in her new live show. we will take you there later. ♪ the most successful driver in formula one history is an extremely grave condition following a skiing accident in the french alps. he underwent emergency brain surgery after falling and hitting his head. retired fromld formula one racing for the second time in 2012. in his career he won the world a wavenship seven times. of arctic air has lasted -- blasted the upper midwest. winds gusted to as high as 50 miles per hour and creating blizzard like conditions. the windchill temperature plunged to 50 below zero. the temperatures are forecasted to last until next year, january 2. the philadelphia eagles held off a comeback by dallas to secure the last playoff spot in the nfl. the eagles' win clinched the nfc east title, they will host the saints on saturday. one of four scheduled for this weekend as nfl postseason gets underway. in nation, after five years in charg

coming up, the cftc oversees the $400 trillion dollars market. its chief is stepping down.exclusive interview with gary gensler. britney takes to the stage in vegas in her new live show. we will take you there later. ♪ >> welcome to "lunch money," where we tie together the best stories, interviews, and video in business news. i am matt miller. today's moving pictures. michael schumacher, most successful driver in formula one history is in grave condition following a skiing accident in the french out. he underwent brain surgery after falling at meribel. 44-year-old shoemaker retired for a second time in 2012. he won the world championship seven times. arctic air blasting the upper midwest, winds as high as 50 miles per hour in north dakota, is creating winterlikeconditions. the windchill temperature plunged to 50 below zero. the temperatures are forecasted to last until next year, january 2. the philadelphia eagles held off a comeback by dallas to secure the last playoff spot in the nfl. the eagles' win clinched the nfc east title, they will host the saints on saturday. one

cftc oversees the 400 trillion dollars derivatives market. its chief is stepping down.exclusive interview with gary gensler. the stage in to vegas in her new life show. we will take you there later. 26 minutes after the hour, bloomberg tv is "on the markets." let's get you caught up on where stocks stand after a blockbuster year. not much action right now. little change. if you look at the individual tire folly after the company ended its merger with india's apollo tyre. apollo was supposed to buy cooper for just over $2 billion. ♪ to "lunch money," where we tie together the best stories, interviews, and video in business news. i am matt miller. today's moving pictures. mostel schumacher, successful driver in formula one history is in great condition following a skiing accident in the french out. he underwent brain surgery after falling at meribel. 44-year-old shoemaker retired for a second time in 2012. he won the world championship seven times. arctic air blasting the upper midwest, winds as high as 50 miles per hour in north dakota, is creating lizardlike conditions.

. >> according to the cftc, we did addiction and bullish reports. >> what about the outlook for tomorrowt of the week? agencyenergy information is suing the output will climb to a record this year. we do harm -- we do have our weekly survey of analyst and they predict that oil supplies will fall for the third straight week. the big focus is going to be on refineries. >> thank you. still the calm,'tis the season to prepare for the holidays all over the world. we will take you from italy to spain to michigan. a hot shots is next. ♪ >> that is a look at the futures market here we bring you a market check at 26 and 56 after every hour. let us get to the bottom line on what is happening on tuesday. we had the preview. start with the senate where we are watching for the critical test vote to advance the budget deal. it could come as early as tomorrow morning. it sets the measure up for final passage later this week. house, the white president obama is going to be meeting with more than a dozen tech ceos including tim cook, marissa mayer. a number of items will be on the agenda including the ad

it is the push by regulators, particularly the cftc, to sanction the rules that will then -- that willurt banks the most. banks must show that a hedge reduces or otherwise significantly mitigates one or more specifically identifiable risks. that means no more london whales. fromnks are prohibited entering into the speculative bets. they can hedge their legitimate business risks, but we cannot speculate. what the law and the rule requires now, which is different than it was two and half weeks ago, there has to be a correlation analysis. there has to be a correlation between the risk and the hedge. changesys without those he is not sure he would have backed the bob -- backed the final vocal rule. -- final vulgar rule. volkcer say -- final rule. skeptical onle that point. >> there are ways for the banks to work around this. there are actually some areas in the volcker rule word may be an improvement for the bank treated -- for the bank, particularly with the issue of market trading . that still previews the language in their trading of foreign debt. by and large, critics say it will hurt

paul volcker was head of the cftc in my early days of trading.ies a big stick, of course he has great respect in the market and i think that's why president obama put him on the stage and why this rule is named after him. but is too big to fail going to give way to too big to succeed, too complex to understand? you know, about a year after dodd-frank passed in a "fortune" article, sheila bair basically called what was then and is more complicated now, she called the many pages of dodd fra-frank, specifically the volcker rule, a rube gold contraption. it was convoluted. in the end it's the complexity i have a problem with. i have no love loss for large institutions but the institutions are bigger today than they were in the crisis let's take it a step farther. look at the gray areas regulators have to deal with, underwriting, market making, hedging, i think too complex. but let's take one issue that isn't complex, one thing that these institutions are allowed to trade -- treasuries. gsa agency securities. munys. like there's no risk in any of thos

the fed, cftc, the fdic, have all done so.e occ, office of the comptroller of the currency but the comptroller is a member ever the fdic and he voted for it this morning. this is formality. this is a done deal. it is part of dodd-frank financial reform named for the biggest advocate, former fed chairman paul volcker. it is supposed to prevent future financial crisis and taxpayer bailout. it will prohibit banks from making risky bets for their own profit, called proprietary trading. prohibits banks from owning private equity funds and hedge funds. allows trading on behalf of customers of course, and allows some hedging activities to continue. the rule requires ceos to reasonably attest to compliance and internal supervision of the rule. it would, first cover banks with assets of more than $50 billion and they will have until 2015, july 2015, to comply. officials say the rule is designed to be tough but flexible. some consumer advocates worry about loopholes. some banks say say it will raise costs limits services and limit marke

at the cftc cannot we have worked with the justice department and the sec. we exposed the pervasive rigging against the interest rate market. our annual report highlights this. i think the last thing i noticed , just the council itself, i was honored to serve in the clinton administration as well whenever something called the president's working group. two secretary geithner's leadership, this council has come together, a place where we can collaborate them a have honest discussions, and when we disagree, we disagree agreeably. and i think the sign of that is that tomorrow we will, as i can predict -- keep fingers crossed -- i think we will bring an important role across -- rule across the line, the vocal room -- volcker rule. again, thank you. not have a statement. i want to thank you, mr. secretary, for those kind words, and thank my colleagues on the council. very rewarding working with all of you, and i think the council has served its purpose of helping us work together better and to better coordinate our efforts. very important that we recognize the fi

it's certainly big challenge to see cftc chairman gary gensler in his final weeks of the job. >> all these countries, whether it's u.s. or europe, trying to move to indrese regulation but all these banks exist in so many jurisdictions. who do they have to listen to? what happens when rules conflict? a big financial trade association is pushing back to that ability to extend regulation beyond the u.s. >> we have a guest coming up we'll talk about that issue. >> heading toward the close. 50 minutes left in the trading session. the dow was down about 125 points at the low. we've come back. down 60 right now. it is our fourth consecutive down day here. >> and some new housing numbers out today. sales surging but a new bag of trouble could be brewing in the mortgage business. that could change the sales story in a hurry. >>> the winter chill can be a very good thing for retailers. courtney reagan will be here to tell us why. plus, why are investors so warm to discount chain tj maxx? the story behind that stocks just ahead. >>> and after the bell, president obama entering the minimum wage

this is what chairman gensler at as cftc is concerned about far as i understand it.drule, as rent, c -- as written, could have some back doors. so how does wall street prepare as they wait for this rule took about? guest: they have been preparing, they have actually already curbed many of their proprietary trading activities. most wall street banks had desks that were specifically designed to do proprietary trading. most of those are gone. i'm not aware of any that exist anymore. the issue is that there are still parts of banks that are doing that, just not under the explicit role of proprietary trading. the top example of what we have of that is what happened to jpmorgan last year in london. they had a desk that was about to be hedging, or protecting the securities held by the bank with other trades. one trade loses money, one gains money, that is what a hedge is. this desk, which is famously ,nown as the london whale that somewhere around a billion dollars on very complex derivative securities, and wound up losing more than $6 billion. the regulators, after looking

. -- chairman gary gensler cftc chairman gary gensler, himself a goldman executive for a long time, hase toughest line which possible. in the end, people have said that the final rule approved on tuesday will look more like tough,'s language, that requiring banks to show that there is a specific risk. secretary of the treasury jack lew has signaled that tougher line in a speech in washington. >> it prohibits risky proprietary trading by protecting market making, such as when a firm facilitates selling bonds for image will find. prohibits risky trading bets like the london whale and puts in place strong compliance requirements that require those in charge of financial institutions to make sure that the tone at the top since the right signal to the whole firm. that london whale trade was described by jpmorgan as a whyfolio hedge, so that is we get that message from treasury secretary jack lew. some of the languages being nailed down before the final vote on tuesday. things could change. the message we're getting is that this will be tougher than wall street thought. the one consolation, b

the cftc had a conversation with erik schatzker in new york along with a number of others in the u.s.anks traditionally look for a way to get around the regulation. this must not be a static rule. it must be something that progresses. he said that two and a half weeks ago, he doubted this would be a rigorous and robust piece of legislation. the foreword, identifiable, that has seeped into the consciousness of volcker. it is not to be a static rule. monitor and calibrate, recalibrate is the name of the game on the street. >> thank you very much indeed. theill continue conversation on the outlook for the banking sector later this hour. christopher wheeler will be joining us to give us his take on the volcker rule and all the other things that have been happening in the banking world. francine, over to you. >> what we are focusing on next is hilton. it is expected to price its ipo today and could raise up to $2.4 billion. bloombergs ipo reporter joins us with the very latest. this could be one of the biggest ipos for the hotel company. what does it mean for blackstone? >> it is a great s

. >> you say people want to move on in the industry, yet 3 wall st trade group sued cftc to be back someerseas trading guidelines. compliance issues with u.s. and foreign rules. isn't it looking backward rather than ahead? >> we are not a part of it but i think there is an issue about cross-border inconsistency. this fragmentation globally is a real problem. mark carney at the bank of thwart, fsb trying to the effort but regulatory fragmentation is one of the great challenges we will face in 2014. >> are volcker himself said he called it a -- he cultural issue. but change is already begun because we have seen the banks pull back themselves. what do you think wall street culture will look like in five years? more have less leverage, capital, more liquidity, and i think there is a massive culture change going on -- change going on in the boardroom. we are seeing an even more so. the business of banking is changing and changing radically. >> walking this forward a couple more months, what is the world of liquidity going to look like as the rules come through? a fabulous question because we

and second, to collaborate in this case with the cftc to use standards to improve the quality of data collected from trade repositories and swap data repositories. that also extends to the sec for security-based swaps. those are my remarks and i will be happy to take any questions. >> well, thank you, dick. i would ask if other members of the council have questions for dick on the ofr work? i think its important work that ofr does. it's a new body that was created out of dodd-frank and the report that is going to be issued we look forward to and we'll be reading it with great interest. i guess i would ask just one question. to the extent that you have now a body of work behind you, does it give you a different view in terms of what kind of risks we need to be analyzing are? ofr was designed to create a mechanism to support this council's work in kind of thinking, a little bit outside of the box, looking ahead at the risk that is might not come through each of the independent bodies independently. so just ask you the question, what are the things that you took away from the experience

the ofr is new, but these regulatory agencies, the sec and the cftc know what's going on and should take the lead role and it's important that only if these agencies do find clear and convincing evidence of systemic risk in the investment management industry and that this could be addressed with enhanced prudential regulation should the financial stability oversight commission designate investment management firms systemically important. >> thank you, marshall. the last statement is on j.p. morgan settlement. peter wallison of all people. >> thank you very much, george. .. now banks we know are subject to pervasive government supervision and regulation. as a result they really can not, they really can not litigate with their supervisor. the risks of doing that are extraordinary and there is possible retaliation by the supervisor in other areas if the banks take them on. so there's real concern about settlements that occur between the government and a bank because perhaps that settlement is not the result of each party looking at their options and the evidence of the other side but rather

for example, in fiscal year 2013 alone, the cftc imposed more than $1.7 billion in sanctions, including almost $1.3 billion for abusive actions related to manipulation of libor or other financial benchmarks. these sanctions made our system safer and provided disincentive for firms to engage in behavior that undermines market integrity and americans faith in the financial system. in the near term, it is essential that congress provide adequate funding for our regulators. but if annual funding does not meet this goal, congress should consider moving the market regulator budget out of the current budget process as the president proposed and treat them like our funding agencies. that way, oversight of our markets and institutions will be guaranteed. political wind may shift but the government's ability to protect markets and make sure that they are safe must be constant. there are also ongoing efforts to strip the consumer financial protection bureau of its independence and undermine its ability to protect consumers. in only two years, the cfpb has proved itself an effective enforcer. alrea

the libor case was fined $612 million of which 100 million went to doj and 325 million went to the cftcnd that went into the u.s. treasury. why should a british bank, which is significantly owned by the british government, be paying $400 million in fines to the u.s. government? but it goes to the treasury. >> i think one thing that should be pointed out about this whole fine thing, this is another thing that favors large companies because large companies have the ability to spend tons of money on compliance departments and settlements, whereas, small regional brokerage firms around the country are straining under the burden of spending for compliance as rules keep going and even a modest fine of, you know, $100,000 in terms of billions could put a small firm out of business. you know, these are small businesses around the country so i think this is also a big versus small thing in our country. >> howard? >> yeah, and i think you're right. i think the problem is standard for compliance is not being done equally across the board. small companies can't possibly have the size of compliance

for example in fiscal year 2013 alone, the cftc imposed $1.7 billion in sanctions including $1.3 billionbusive actions. these sanctions made our system safer and provided disinsert for firms to engage in behavior that undermine market integrity. in the near term, its essential that congress provide adequate funding for our regulators. if annual funding does not meet this goal, congress should consider moving the market regulator budget out of the current budget process and treat them like bankint agencies. that way instead of unpredictable funding that shifts from year to year, over sight of our markets and institutions will be guaranteed. political winds may shift, but the government's ability to protect markets must be constant. there are alsoen going -- also ongoing effort to strip the financial bureau and undermine its ability protect consumers. already the cfpb has taken enforcement actions. we must make sure that the knew -- you can understand why some out there will want to reign in this agency. unfair, deceptive and abusive practices. it needs to stay that way. s we funds and sup

for example, and 2013 alone, the cftc imposed billions of dollars in sanctions, including 1.3 billion dollars for abusive actions related to manipulation of libor and other financial benchmarks. these sanctions made our system safer and provided incentives for firms to engage in behavior that undermines the integrity and the american stake in the financial system. in the near-term, it is essential that congress provide adequate funding for regulators, but if annual funding doesn't meet the goal, congress should move the budget out of the current budget process as the president proposed and treat them like our baking agencies which are self-funded through agency fees. oft way, instead unpredictable funding that shifts from year-to-year, oversight of the markets and institutions would be guaranteed. political winds may shift, but the government's ability to protect markets and make sure they are safe must be constant. there are also ongoing efforts financialhe consumer protection bureau of its independence and undermine its ability to protect consumers. in only two years, the cfp be has

at the cftc cannot we have worked with the justice department and the sec. we exposed the pervasive rigging against the interest rate market. our annual report highlights this. i think the last thing i noticed, just the council itself, i was honored to serve in the clinton administration as well whenever something called the president's working group. through secretary geithner's leadership, this council has come together, a place where we can collaborate them a have honest discussions, and when we disagree, we disagree agreeably. and i think the sign of that is that tomorrow we will, as i can predict -- keep fingers crossed -- i think we will bring an important rule across the line, the volcker rule. again, thank you. >> i do not have a statement. i want to thank you, mr. secretary, for those kind words, and thank my colleagues on the council. very rewarding working with all of you, and i think the council has served its purpose of helping us work together better and to better coordinate our efforts. very important that we recognize the financial system is

in title vii, congress required a ferc and the cftc to enter into a memorandum of understanding to establish procedures for resolving jurisdictional conflicts over energy derivatives. what needs to be done to resolve the conflict between the agencies and provide industry research and he did it needs? >> ferc blank position, congressman, is that both agencies should be able to share the information that we have so that we can do whatever the congress has intended us to do. whatever reason that predate my term on the commission that hasn't happened we have leadership changes in both commissions and i am hopeful thethere can be a way that theyn strike that. >> my time is expired. >> we recognize the gentle lady from florida for five bits. >> good morning. i think that you are all serving on the federal energy regulatory commission at a very exciting time. this is a remarkable time in the natural gas revolution that comes at an important time when we have got to -- we see the natural gas plant when we know that it's vital to reduce the carbon pollution and add on top of that although the innovat

and i'm hopeful that they are can be a way that ferc and the cftc and having meetings and strike that and though you -- mou. >> the gentle lady from florida, ms. castor for five minutes. >> thank you mr. tremaine and good morning. i think you all are serving on the federal registry commission at a very exciting time. i mean, this has been a remarkable time. the natural gas revolution that comes at an important time when we have got to -- when we see the natural gas supplanted coal when we know that it's vital to reduce carbon pollution. and then to add on top of that all of the innovations in the smart grid, demand management and renewables. so, why go al all of this changs occurring, your responsibilities remain very important to insure that consumers are protected and that you are charged with enforcing the law that protect consumers and ensure fair competition in the electric and natural gas markets. you've got to maintain your important relationships with state and regional partners to ensure that necessary energy infrastructure gets constructed. but, what mr. tonko is talking abo

the documents are understandably and if you look at a simplified mortgage disclosure forms that the cftc has recently previewed it is approaching l. level that people are not financially professional can actually understand the documents they are about to sign. as we have to remember that you have to work in both directions and you have to increase the awareness and education of people and the economy, but you also have to make sure that the transactions are not so masked in language that is incomprehensible and with pages and pages of detail that hide the key points and i think they've made significant progress in that. >> i look forward to working with you in the next few years and trying to take it too much higher level. i'm going to move into an international situation that we are discussing. in your testimony you stated that europe has made great gains towards financial stability. like you, i'm cautiously optimistic about the improving economies of the united states and europe. secretary, how confident are you in the bureau's own and what are the indicators that you are watching the

you call it a currency and others have called it a commodity, possibly regulated by the cftc.rst and second how do you begin to regulate it? >> from our perspective, it is a currency, it's meant to be used on e-commerce. bitcoin and other digital currencies, you don't need to way t plus one or three days for your cash to get across borders. you don't need to pay certain transaction fees. that's a benefit here but it's a currency mover. >> what do you tell merchants who say they're starting to accept this? >> i'd say just make sure you understand the volatility in it really. while at some point it could very well get to be and become a larger part of the ecosystem, right now you can buy something or sell something for a thousand dollars that might be worth 500 just because of the currency tomorrow. >> darren, thanks a lot. >> coming up on the program, an economic triple play, breaking news on phil little fed existing home sales and lei, market reaction after a big surge on yesterday's fed news. [ male announcer ] the new new york is open. open to innovation. open to ambition. o