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Treasury Secretary Geithner testifies at hearing on regulation of OTC derivatives

Alston & Bird LLP
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USA
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July 10 2009

Today, the House Financial Services and Agriculture Committees held a joint hearing titled, "A Review of the Administration’s Proposal to Regulate the Over-the-Counter Derivatives Market," at which U.S. Treasury Secretary Geithner testified on the Obama administration’s comprehensive regulatory framework for OTC derivatives markets

ISDA Credit Derivatives Determinations Committees and Auction Settlement CDS Protocol

Alston & Bird LLP
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USA
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April 8 2009

Today, the International Swaps and Derivatives Association, Inc. (ISDA) announced the successful implementation of the ISDA Credit Derivatives Determinations Committees and Auction Settlement CDS Protocol (otherwise referred to as the “Big Bang” Protocol), with over 2,000 parties adhering to the Protocol

U.S. Treasury announces proposed regulatory framework for OTC derivatives

Alston & Bird LLP
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USA
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May 13 2009

Today, the U.S. Treasury Department released a proposal, also submitted in a letter to Congressional leaders, which contemplates a comprehensive regulatory framework for all over-the-counter (OTC) derivatives, largely because “massive risks in derivatives markets have gone undetected by both regulators and market participants.”

FRBNY receives commitments from market participants to expand central clearing for OTC derivatives

Alston & Bird LLP
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USA
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September 9 2009

Yesterday, fifteen global over-the-counter (OTC) derivatives dealers submitted a letter to the Federal Reserve Bank of New York (FRBNY), affirming their commitment to increase their usage of central counterparties (CCPs) for clearing and setting initial target performance levels to achieve such commitments

FINRA launches Interim Pilot Program on margin requirements for transactions in CDS

Alston & Bird LLP
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USA
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June 5 2009

Financial Industry Regulatory Authority, Inc. (FINRA) has established an Interim Pilot Program with respect to margin requirements for certain transactions in credit default swaps (CDSs

CFTC Chairman Gensler proposes regulatory framework for derivatives at Senate hearing

Alston & Bird LLP
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USA
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June 5 2009

On June 4, 2009, the Senate Agriculture Committee held a hearing entitled "Regulatory Reform and the Derivatives Markets," at which Chairman Gary Gensler of the Commodity Futures Trading Commission (CFTC) proposed a comprehensive regulatory framework to govern over-the-counter (OTC) derivatives dealers and OTC derivatives markets, regardless of what type of derivative is traded currently or in the future and whether the derivative is standardized or customized

Senator Reed introduces Comprehensive Derivatives Regulation Act of 2009

Alston & Bird LLP
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USA
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September 23 2009

Yesterday, Senator Jack Reed (D-RI), Chairman of the Senate Banking Committee's Subcommittee on Securities, Insurance, and Investments, introduced the Comprehensive Derivatives Regulation Act of 2009 (CDRA), legislation intended to "establish a comprehensive regulatory framework to prevent derivatives trading activities from ever again contributing to catastrophic failures in our financial system."

Senate Subcommittee holds hearing on regulation of OTC derivatives market

Alston & Bird LLP
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USA
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June 24 2009

Yesterday, the Subcommittee on Securities, Investment and Insurance of the Senate Banking Committee held a two-panel hearing entitled the "Over-the-Counter Derivatives: Modernizing Oversight to Increase Transparency and Reduce Risks."

Congressman Frank releases discussion draft of proposed legislation to regulate over-the-counter derivatives market

Alston & Bird LLP
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USA
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October 6 2009

On Friday, Congressman Barney Frank (D-MA), Chairman of the House Financial Services Committee, released a discussion draft of proposed legislation to strengthen the regulation of the over-the-counter (OTC) derivatives market

House Financial Services Committee holds hearing on OTC derivatives market

Alston & Bird LLP
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USA
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October 8 2009

Yesterday, the House Financial Services Committee held a hearing entitled "Reform of the Over-the-Counter Derivative Market: Limiting Risk and Ensuring Fairness," to consider the effective regulation of the over-the-counter (OTC) derivatives market and reaction to the discussion draft of proposed legislation released late last week by Committee Chairman Barney Frank (D-MA

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