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Wall Street watchers are sifting through every detail of Barack Obama’s overhaul. What does it mean for the derivatives market?
Although the new rules are rather complex essentially they say “all derivatives contracts will be subject to regulation, all derivatives dealers subject to supervision, and regulators will be empowered to enforce rules against manipulation and abuse," according to a statement from Treasury Secretary Timothy Geithner and White House Economic Adviser Lawrence Summers.
Bill Brodsky, the Chairman and CEO of the CBOE applauds these developments. He appears optimistic that the plan will bring more transparency to the somewhat opaque CDS market.
And he tells us “it could be an opportunity (for the CBOE). Regulated markets with transparency and clearing would have avoided the problems we had in the OTC derivative space.”
We know the overhaul is somewhat confusing -- so we thought you might be interested in a synopsis of the proposed regulations. Following is a summary as compiled by our news partner Reuters.
ELIMINATE THRIFT CHARTER, CREATE NATIONAL BANK SUPERVISOR
Bank regulation would be streamlined with a new National Bank Supervisor assuming the functions of both the Office of Thrift Supervision and the Office of the Comptroller of the Currency. The plan would eliminate the charter for thrifts that underlies that U.S. savings and loan industry.
CREATE SYSTEMIC RISK REGULATOR
The plan would make the Federal Reserve the consolidated supervisor of large, systemically important and interconnected firms.
Data is a real-time snapshot *Data is delayed at least 15 minutes