Derivatives Groups Say OTC Regs Will Drive Up Costs

By Elaine Meyer

Law360, New York (September 17, 2009, 5:41 PM ET) -- Representatives of derivatives trading groups warned Thursday against the Obama administration's regulatory efforts to move over-the-counter derivatives to exchanges, saying the proposed legislation would increase costs of derivatives trading.

The hearings, in front of the U.S. House of Representatives Agriculture Committee, took up a bill from the U.S. Treasury that is part of a wider package of financial regulatory reform.

Committee chairman Collin Peterson, D-Minn., expressed frustration at what he said was the slow pace of reform, saying the committee intended to put an omnibus bill...
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