SEC, CFTC to decide which OTC derivatives will be centrally cleared

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US regulators will decide which over-the-counter derivatives contracts are to be cleared with central counterparties (CCPs), stripping from clearing houses the authority to determine which trades will be accepted, under planned changes to reform legislation.

In a letter to the chairmen of the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) yesterday, the House Committee on Financial Services chairman, Barney Frank, wrote he would propose the change

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