Dealer-led market may be disrupted by Dodd-Frank

Exchanges: a model for regulators

A drive by regulators to introduce more exchange-like features to the over-the-counter market might be a boon for clearers and exchanges, but is likely to be disruptive for banks.

The idea of making OTC markets more similar to their exchange-traded counterparts is embodied in the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into US law on July 21.

The legislation will likely mean standardised derivatives will have to be traded on exchanges or swap execution

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