Banks that trade derivatives commit to targets to expand central clearing, tighten oversight

October 7th, 2009 Regulators seek tighter oversight of derivativesWASHINGTON — Federal regulators on Wednesday asked a House panel to strengthen proposed legislation that would impose new oversight of derivatives. Republican lawmakers contend the measure already could eliminate jobs and stifle companies' ability to manage risks.

September 25th, 2009 Banks made $5.2B trading derivatives in 2QWASHINGTON — U.S. commercial banks earned $5.2 billion trading derivatives in the second quarter, as the level of risk eased in the global market for the complex financial instruments, according to a government report released Friday.

September 22nd, 2009 Key regulators urge broad oversight of derivativesWASHINGTON — Two key regulators on Tuesday urged Congress to go beyond an Obama administration proposal and impose comprehensive oversight on the sprawling, complex market for financial derivatives blamed for worsening the credit crisis last fall. The administration is seeking to increase the transparency of the $600 trillion global derivatives market and has proposed that big investment banks that trade derivatives be subject to requirements for holding capital reserves against risk.

September 22nd, 2009 CFTC chief urges broad oversight of derivativesWASHINGTON — A key regulator on Tuesday urged Congress to go beyond an Obama administration proposal and impose comprehensive oversight on the sprawling, complex market for financial derivatives blamed for worsening the credit crisis last fall. The administration is seeking to increase the transparency of the $600 trillion global derivatives market and has proposed that big investment banks that trade derivatives be subject to requirements for holding capital reserves against risk.

August 20th, 2009 Regulator seeks tighter derivatives billWASHINGTON — A key federal regulator is asking lawmakers to tighten legislation imposing broad new oversight on derivatives by going beyond the Obama administration's proposal in several areas governing the complex financial instruments blamed for hastening the global economic crisis. Gary Gensler, chairman of the Commodity Futures Trading Commission, urged changing the measure to eliminate exemptions from new requirements for foreign-currency swaps and small firms dealing in derivatives, among other things.

August 11th, 2009 White House seeks new reins on derivativesWASHINGTON — The Obama administration on Tuesday sent Congress legislation seeking to impose broad new oversight on derivatives, the complex financial instruments blamed for hastening the global economic crisis. The plan is designed to bring transparency to, and prevent manipulation in, a $600 trillion unregulated worldwide market.

July 31st, 2009 Credit default swap clearing starts in EUBRUSSELS — Under pressure from the Eropean Union, banks in Europe will start processing complex financial contracts known as credit default swaps through a central clearing house by the end of July, EU regulators said Friday. Swaps offer insurance against securities for lenders worried about a borrower's ability to pay them back.

July 30th, 2009 NYSE Euronext makes loss in 2QPARIS — NYSE Euronext, the trans-Atlantic stock exchange operator, said Thursday it made a loss in the second quarter as it took a contract termination charge connected to the launch of its London-based derivatives clearing platform. The company said it made a net loss for the quarter ended June 30 of $182 million, compared to net profit of $195 million a year earlier.

July 16th, 2009 Feds confirm probe into credit default swapsWASHINGTON — The Justice Department says it is investigating the credit derivatives industry. Department spokeswoman Laura Sweeney said Wednesday the antitrust division is probing possible anticompetitive practices in the credit derivatives clearing, trading and information services industry.

June 23rd, 2009 SEC, CFTC agree on derivatives oversightWASHINGTON — The heads of two federal agencies with financial oversight responsibilities have told Congress that their jurisdiction can be split over the instruments blamed for hastening the global economic crisis. The Securities and Exchange Commission, the government's primary markets watchdog, and the smaller Commodity Futures Trading Commission — which oversees the oversees the trading of oil, gas and other commodities — have battled in the past over regulatory turf and found separate supporters in Congress.

June 9th, 2009 House panel divided on new financial rulesWASHINGTON — Debate on new oversight for complex financial instruments moved to the House on Tuesday as lawmakers struggle to determine how tight the government reins on a massive global market should be. A key lawmaker said a balance must be struck in crafting a new regulatory system for derivatives, the mostly unsupervised instruments blamed for hastening the global financial crisis.

June 4th, 2009 Key Democrat questions financial oversight planWASHINGTON — Fault lines emerged in Congress Thursday over new oversight for exotic financial instruments blamed for hastening the global crisis as a key Democratic senator questioned whether the government's proposed plan is robust enough. Gary Gensler, the chairman of the Commodity Futures Trading Commission, said a new regime — anchored on a network of clearinghouses to provide transparency for transactions in credit default swaps and other derivatives — was needed to reduce the risks of another financial meltdown.

May 13th, 2009 Treasury to detail plan for credit default swapsWASHINGTON — Treasury Secretary Timothy Geithner will announce a plan on Wednesday to strengthen federal regulations governing over-the-counter derivatives, a class of financial instruments that includes the risky contracts that helped bring down AIG. Sen. Christopher Dodd, a Connecticut Democrat who chairs the Senate Banking Committee, says he has been told that the administration will "really tighten down" on them.

May 9th, 2009 LCH.Clearnet receives takeover bid from consortiumNEW YORK — London-based LCH.Clearnet Group Ltd., a key European trading securities clearing house, has received a takeover bid for as much as $1.2 billion from a consortium of banks, including J.P. Morgan Chase Co., according to online media reports including The Wall Street Journal.

May 9th, 2009 LCH.Clearnet receives takeover bidNEW YORK — London-based LCH.Clearnet Group Ltd., a key European trading securities clearing house, has received a takeover bid for as much as $1.2 billion from a consortium of banks, including J.P. Morgan Chase Co., according to online media reports including The Wall Street Journal.