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SEC, CFTC to Police OTC Derivatives: Document

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elleng Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-10-09 02:36 AM
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SEC, CFTC to Police OTC Derivatives: Document
U.S. Treasury Secretary Timothy Geithner is set to propose on Friday giving securities and futures regulators authority to police the over-the-counter derivatives market, according to a document obtained by Reuters.

"Our plan will help prevent market manipulation, fraud and other abuses by providing full information to regulators about activity in the OTC derivative markets," Geithner says in the testimony to be delivered to Congress.

The $450 trillion privately-traded global derivatives market includes credit default swaps, the financial instrument which nearly toppled insurer American International Group.

http://www.nytimes.com/reuters/2009/07/10/business/business-us-financial-derivatives.html
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-10-09 05:24 AM
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1. Better Than Nothing, But Probably Not Enough
CDOs should be banned entirely.
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midnight Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-13-09 06:11 PM
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2. Not sure how this will impact the real criminals.
And if these bankers keep writing their own rules with no oversight, then, they are probably writing new ones that let them side step this measure.
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