Voluntary commitments take back seat to Dodd-Frank
With derivatives market reform legislation passed in the US and in development in Europe, market participants are wondering whether the commitment letter process of the Over-the-counter Derivatives Supervisors Group has a future in an era of regulation by statute. By Peter Madigan
The roll call of attendees at the first meeting of what would become the Over-the-counter Derivatives Supervisors Group (ODSG) serves as a stark reminder of the unprecedented upheaval financial markets have endured in recent years. The inaugural meeting took place at the Federal Reserve Bank of New York on September 15, 2005. Three years later, the New York Fed would be at the epicentre of efforts to rescue two pillars of the ODSG – Lehman Brothers and Merrill Lynch.
Within weeks Wachovia would
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