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Fed Pushes To Lead CDS Clearing Oversight

Law360 (November 12, 2008, 12:00 AM EST) -- The Federal Reserve is reportedly pushing a plan to become the leading regulator of a central clearinghouse of trades in the $60 trillion market in credit default swaps.

The Fed is currently working on a memorandum of understanding with the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission laying out oversight of the coming clearinghouses that will become the main counterparties to trades of CDS, Bloomberg reported, citing individuals familiar with the negotiations.

According to the report, the central bank wants the clearinghouses...
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