OTC Derivative Reform Clears 1st Hurdle In House

Law360, New York (October 15, 2009, 12:38 PM EDT) -- The U.S. House of Representatives' Financial Services Committee voted Thursday to approve a landmark bill designed to introduce new regulation and transparency to the over-the-counter derivatives market, a key provision of the Obama administration's financial reform agenda.

Representatives voted 43 to 26 in favor of the Over-the-Counter Derivatives Market Act, which gives the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission joint authority over the OTC market, puts capital and margin requirements on derivatives traders and compels firms to process derivative products through...
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