Swaps push-out a 'vast overreaction', says OCC's Walsh
Section 716 of the Dodd-Frank Act is based on a misperception of OTC derivatives, says acting OCC head - who also acknowledged criticism of US uncleared margin proposals
Separating over-the-counter derivatives trading from the rest of the banking system would be an "overreaction" to recent financial turmoil, according to John Walsh, acting head of the Office of the Comptroller of the Currency (OCC). Speaking at a conference in Las Vegas yesterday, he also addressed criticisms of the agency's proposals on margin requirements for uncleared trades – which JP Morgan claimed last year would kill the bank's swaps business outside the US.
"Warren Buffett colourfully
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