Senate reform bill to capture more end-users in OTC clearing requirement

christopher-dodd

Many more end-users of derivatives would be forced to clear over-the-counter trades with a central counterparty under language contained in the US Senate Banking Committee's latest version of its regulatory reform legislation.

The 1,336-page Restoring American Financial Stability Act contains a definition of a major swap participant that is markedly broader than that contained in the bill passed by the House of Representatives in December 2009.

The determination of whether a firm constitutes a

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