In depth: Has the US succeeded in its OTC reforms?

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Those involved in the US derivatives market were likely to have ended 2013 breathing a deep sigh of relief, and congratulating themselves on making it through an extraordinary 12 months of regulatory change. After more than two years of rule-making by multiple US regulatory agencies, last year saw the bulk of the Dodd-Frank reforms rolled out – from mandatory trade reporting and clearing, to far-reaching external business conduct standards, to the controversial swap execution facility (Sef) regi

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