US draws up OTC legislation
The US Treasury published draft legislation on August 11 detailing its plans to fully regulate over-the-counter derivatives markets and mandate central clearing for all standardised bilaterally negotiated contracts.
The draft Over-the-Counter Derivatives Markets Act of 2009 lays out how a centrally cleared OTC market would work, but does not provide the comprehensive definition of a 'standardised' contract.
The legislation specifies that a derivatives product accepted for clearing by any
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