US derivatives reform bill passes House Financial Services Committee
The US House Committee on Financial Services yesterday approved legislation to comprehensively regulate the over-the-counter derivatives market and introduce central clearing of all standardised OTC contracts.
The Over-the-Counter Derivatives Markets Act of 2009, which was passed by 43 votes to 26, will require all standardised swap transactions between dealers and major swap participants to be traded on an exchange or electronic platform, and cleared through a central counterparty. A major swap
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