SEC has flexibility on Dodd-Frank implementation, says Schapiro

The US Securities and Exchange Commission is at the forefront of efforts to reform the over-the-counter derivatives market and prevent another flash crash. At the same time, it has also been trying to fix its own failings, highlighted by the Madoff scandal. Chairman Mary Schapiro speaks to Mark Pengelly

The US Securities and Exchange Commission (SEC) has rarely been as busy as it is today. Just one month before current chairman Mary Schapiro began her tenure at the agency in January 2009, financier Bernard Madoff was revealed to have conducted the biggest Ponzi scheme in history, right under the nose of the SEC. The agency took a pasting in the weeks and months that followed – it was already facing criticism over the losses suffered by investors during the financial crisis – and Schapiro has