US cracks down on OTC derivatives
WASHINGTON, DC - The US Treasury has published draft legislation detailing its plans to fully regulate over-the-counter derivatives markets and mandate central clearing for all standardised bilaterally negotiated contracts.
The draft Over-the-Counter Derivatives Markets Act of 2009 lays out in detail how a centrally cleared OTC market would work, though it stops short of providing the comprehensive definition of a 'standardised' contract.
The legislation specifies that a swap accepted for
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