Senator calls for OTC registry

New York Senator Charles Schumer is drafting a bill that would establish a central trade repository for all over-the-counter (OTC) derivatives market data.

The repository would allow market-wide monitoring of systemic risk, according to Schumer, bringing transparency to OTC derivatives trading by requiring the consolidated reporting of all market transactions. All cleared and uncleared trades would be included under the proposal, with the aim of helping regulators monitor the effect of such trades on systemic risk.

"The market for OTC derivatives can significantly impact the overall health of our financial system, yet trade information is not

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