Futures Regulator Says
Margin Levels RightWASHINGTON - Commodity Futures Trading Commission Chairman Wendy Gramm said current margin requirements for futures contracts should not be changed.
In testimony before a Senate agriculture appropriations subcommittee Thursday, Mrs. Gramm said, Margins (on futures) are consistent as of now with
margins on stocks.
The CFTC chairman noted that margin calls during the Oct. 19 stock market collapse were collected without difficulty.
Asked whether a single regulator should oversee stocks and futures markets as has been suggested in market studies, she said that changes in the regulatory structure would not have made a difference during the crash.
Staley Rejects Bid
By Tate & Lyle
ROLLING MEADOWS, Ill.- Staley Continental Inc., the holding company for A.E. Staley Manufacturing Co., the nation's second-largest corn sweetener refiner, Thursday rejected as inadequate a $1.33 billion takeover bid by the British sugar refiner Tate & Lyle PLC.
Staley Chairman Donald E. Nordlund said the company's board of directors instructed management to explore various alternatives to enhance shareholder value. Tate & Lyle is offering $32 a share in cash.
Mr. Nordlund said among the alternatives the company would consider are a
financial restructuring or recapitalization, issuing stock to a third party, selling all or part of the company, a joint venture or a leveraged buy-out.