FCStone Group, Inc. (FCSX)

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This could be the reason for today's surge:

Treasury, SEC, CFTC To Unveil OTC Derivatives Regulatory Plan


By Sarah N. Lynch, Of DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- The Treasury Department will unveil its plan for regulatory reform of over-the-counter derivatives late Wednesday afternoon, Michael Dunn, the acting chairman of the Commodity Futures Trading Commission, said Wednesday.

Speaking at an advisory committee meeting at the CFTC's offices, Dunn said he will appear alongside Treasury Secretary Timothy Geithner and Securities and Exchange Commission Chairman Mary Schapiro at 4 p.m. EDT to discuss the details.

He declined to elaborate until the plan is announced.

Over-the-counter derivatives such as credit-default swaps have been the target of much criticism since the financial crisis began. The trading of credit- default-swap contracts led to the near downfall and government bailout of American International Group (AIG). While the SEC has antifraud authority over swaps, neither the CFTC nor the SEC is allowed by law to regulate them.