Top House Dems Unveil OTC Derivatives Principles

Law360, New York (July 30, 2009, 6:35 PM EDT) -- The two U.S. House of Representatives committee chairmen with oversight responsibilities for the over-the-counter derivatives market on Thursday unveiled their agreed-upon principles for regulation of the market, and said that they hoped to have that legislation passed by the end of the year.

At the heart of the proposal put forward by House Financial Services Committee chairman Barney Frank, D-Mass., and Agriculture Committee chairman Collin Peterson, D-Minn., is that all standardized OTC derivatives be traded over registered clearinghouses and protections against speculation, particularly a ban on...
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