The United States is committed to accelerating the regulation of derivatives

French Newsletter:

Regularly blamed for their laxity in regulation of these financial products individuals, the United States said Friday, January 4 will act “as soon as possible” to put out part of the re form of finance for the gigantic derivatives markets exchanging OTC (“over the counter” or OTC in English).

“It is expected that the authorities responsible for financial regulation in the United States (…) as soon as possible make proposals to integrate these new standards to U.S.” , said the Vice-President of the Federal Reserve ( Fed), Janet Yellen , in a speech. Yellen has explicitly refers to the implementation of certain provisions of the law reform Wall Street of 2010 (Dodd-Frank Act) specifically control of OTC derivatives, but also the recommendation in 2009 by the rich countries G20 and toset up clearing houses, trading platforms and registration obligations for these products “before the end of 2012 at the latest” .

This deadline was not kept. In early December, the market regulators in several G20 countries, including those of the United States, had found “difficult” toharmonize the rules on the derivatives exchange and OTC have announced their intention to continue their discussions “early 2013” in Brussels, while work on the subject that are still in their infancy. The reforms should be “carefully considered because they are likely to increase the cost of financial intermediation and hedge against the risk “ , has argued Yellen.

GREAT TOOLS OF SPECULATION

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