Joint Report on International Swap Regulation. Required by Section 719(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act

摘要

Effectively regulated financial markets are a necessary component of a strong economy. When the financial system failed three years ago, over-the-counter (OTC) derivatives were unregulated, and financial systems and participants were interconnected to a greater extent than ever before. The global nature of OTC derivatives requires comprehensive international cooperation and coordination. Efforts to regulate OTC derivatives are under way in the United States and abroad. The financial crisis of 2008 has led to broad international consensus on the need for improved transparency, mitigation of systemic risk, and protection against market abuse, and extraordinary coordination on how best to achieve sound regulation appropriately tailored to the OTC derivatives market.1 Jurisdictions with major OTC derivatives markets have taken steps toward regulating OTC derivatives with variance in pace, but with consistency among many of the ultimate policy goals.