EU OKs Draft Rules Boosting OTC Derivatives Oversight

Law360, New York (October 5, 2011, 6:49 PM EDT) -- European Union finance ministers approved draft regulation Tuesday that would tighten oversight of the over-the-counter derivatives market, in part by requiring that all derivative contracts be reported to central data centers.

"I congratulate the EU finance ministers in finding a unanimous agreement yesterday on this major text that is to bring transparency and regulation to the OTC derivatives market," said Michel Barnier, the European Commissioner for Internal Market and Services. "We will now move to the final stage of adoption with the European Parliament. I hope...
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