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Treasury Secretary Geithner testifies at hearing on regulation of OTC derivatives
  • Alston & Bird LLP
  • USA
  • 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


Senate Subcommittee holds hearing on regulation of OTC derivatives market
  • Alston & Bird LLP
  • USA
  • 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."


ISDA Credit Derivatives Determinations Committees and Auction Settlement CDS Protocol
  • Alston & Bird LLP
  • USA
  • 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


SEC permits Eurex Clearing AG and ICE Clear Europe Limited to operate as central counterparties for credit default swaps
  • Alston & Bird LLP
  • USA
  • July 23 2009

Today, the Securities and Exchange Commission (SEC) announced its approval of conditional temporary exemptions to allow Eurex Clearing AG (Eurex) and ICE Clear Europe Limited (ICE) to operate as central counterparties (CCPs) to clear credit default swaps (CDS


Federal Reserve Bank of New York acknowledges publication of CDS central counterparty legal analysis by industry participants
  • Alston & Bird LLP
  • USA
  • July 14 2009

On July 13, the Federal Reserve Bank of New York (FRBNY) issued a press release to acknowledge the publication by a group of 8 dealers and 8 buy-side market participants of a "cross-jurisdictional analysis of legal and regulatory issues facing credit default swap central counterparties (CDS CCPs) with respect to customer access to central clearing platforms."


Federal Reserve Bank of New York hosts meeting on OTC derivatives
  • Alston & Bird LLP
  • USA
  • April 1 2009

Today, the Federal Reserve Bank of New York (FRBNY) hosted a meeting for major market participants and their domestic and international supervisors to discuss ongoing efforts to strengthen the infrastructure of the over-the-counter (OTC) derivatives market


Senate Agriculture Committee votes to approve derivatives bill
  • Alston & Bird LLP
  • USA
  • April 22 2010

Yesterday, after holding a markup this week, the Senate Committee on Agriculture, Nutrition and Forestry approved, by a 13-8 vote (with all Democrats and Republican Senator Chuck Grassley voting in favor), the Committee's draft over-the-counter (OTC) derivatives legislation that was unveiled late last week


CFTC Chairman Gensler testifies on OTC derivatives markets
  • Alston & Bird LLP
  • USA
  • March 10 2010

Yesterday, Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler appeared before the Senate Committee on Energy and Natural Resources at a hearing regarding the regulation of over-the-counter derivatives, particularly with respect to the energy markets


U.S. Treasury announces proposed regulatory framework for OTC derivatives
  • Alston & Bird LLP
  • USA
  • 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.”


Market participants make further commitments on over-the-counter derivatives
  • Alston & Bird LLP
  • USA
  • March 2 2010

Yesterday, the International Swaps and Derivatives Association (ISDA) and industry market participants, including dealers and buy-side institutions, submitted a letter to the Federal Reserve Bank of New York (FRBNY) outlining new commitments to bring further transparency and standardization to the over-the-counter (OTC) derivates market, apply collateral management best practices and further utilize central clearing in the credit and interest rate derivatives markets