Law360, New York (November 20, 2009, 6:01 PM ET) -- NYSE Euronext, LCH.Clearnet, BATS Global Markets and several other financial institutions have asked the House Financial Services Committee to scrap a proposal for a “rigid cap” on dealer ownership of over-the-counter derivative clearinghouses that are part of the overall financial regulatory overhaul, according to reports.
In a letter sent Monday to committee chairman Rep. Barney Frank, D-Mass., and ranking Republican Spencer Bachus of Alabama, the exchanges said "overly restrictive limits on swap dealer ownership will significantly hamper the development of derivatives clearinghouses and execution facilities," Reuters...
Exchanges Want Clearinghouse Position Cap Scrapped
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