This is my written testimony for the Senate Banking Committee hearing on July 29, 2011 focused on Swap Execution Facilities. What I actually said at the hearing was a subset of this. You can watch (rather than read) the entire hearing on the Senate Banking Committee website here. —– Chairman Reed, Ranking Member Crapo, and […]
Tag: Senate
Sen. Lincoln To Exempt Community Banks From Swaps Spinoff Bill (Wall Street Journal)
Senator Lincoln is backing down slightly from originally proposed derivatives amendment. Its still far from reality in my opinion, but we’re getting there. “The fact the [legislation] is so broad-reaching may cause problems for small banks that already have capital constraints and are also not budgeting for the legal ramifications of this,” said Kevin McPartland, […]
Wall Street Eyes Moving Trading to Switzerland (ABC News)
If OTC Derivatives reform is passed as it is in the Senate there is a real chance the majority of OTC derivative trading that goes on today in the US will move offshore. This might sound like a great outcome to those that believe derivatives are the root of all evil, however the reality is […]
Industry Looks To House, Regulators (Derivatives Week)
Doesn’t sound like anyone is particular excited about the bill passed last week in the Senate. Even only half of the Senate (the Democrats) seems to like the final product. My comments in the article: Some industry professionals believe Sen. Blanche Lincoln’s provision requiring banks to spin off their swaps desks will get kicked out […]
Getting the Hill out of the Street
My thoughts on the Senate’s passage of Financial Reform – originally posted on TabbForum.com The US Senate has passed its version of financial regulatory reform that will include serious changes, some expected, some not, specific to the OTC derivatives market. The passage of this bill will lead to a compromise bill created jointly by the […]
OTC Derivatives Reform Update: The Senate Ag Bill
The forthcoming bill from the Senate Ag committee seems to take us back to early 2009 when legislators thought the entire OTC derivatives market could be moved on exchange. All I smell here is politics, and a huge lack of effort to create the best new system for regulating derivative, instead thinking only about re-election. […]
Dodd Broadens Major Swap Player Definition (Derivatives Week)
We should get much more information about the Senate’s view on OTC derivative reform on Friday when the first amendment to the bill is expected. In the meantime: While most derivative pros did not expect the broader definition in Dodd’s revised bill, they believe the Reed-Gregg amendment will focus heavily on exemptions. “The way it […]