Neal Wolkoff: OTC market faces break-up blues

Break-up blues


It's not a million miles from the truth to describe the Dodd-Frank Act as a giant hammer, which is being used to break the over-the-counter derivatives market into bits. There will be three big pieces – execution, clearing and reporting – with a host of new entrants to the market competing in each segment, further fragmenting it. Market participants will be able to choose a clearing venue from a number of central counterparties (CCPs) and an execution venue from a number of swap execution

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