If you thought derivatives were hideously complex, try following the battle to regulate them. The Obama administration's reform blueprint, which was released in August, foreshadowed a huge shake-up to the over-the-counter (otc) derivatives market. All "standardised" otc derivatives would be cleared and traded on an exchange, and even large industrial firms would incur stricter margining and capital charges on their trades. Now the House Committees on Financial Services and on Agriculture, each responsible for derivatives oversight, have released diluted proposals of their own.
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