The Wall Street Transparency and Accountability Act of 2010, approved by the Senate in late April and debated by the Senate in early May with possible passage in late May, requires most over-the-counter derivatives contracts be traded on exchange and cleared, requires mandatory clearing of swaps, requires real-time price reporting, and regulates foreign exchange transactions. Gary deWaal, general counsel at Newedge says the proposal is likely to be taken off the table unless there is international coordination, and currently there's no consensus internationally. Many of the aspects of the bill will affect the way traders do business. DeWaal says its difficult to predict how the marketplace will respond.
Regulatory debate nears final stages Christine Birkner Futures; Jun 2010; 39, 6; Docstoc pg. 10 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
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