The whys and hows of regulation on derivatives adopted by House panelOctober 15th, 2009 The whys and hows of regulations on derivativesWASHINGTON — A House bill would impose new restrictions on a series of complicated financial transactions that had traded in private markets around the world without regulations. One type of these specialized derivative instruments, called credit default swaps, was blamed for the crisis that hit Wall Street last year.
Commercial banks earned $5.2 billion trading derivatives in 2nd quarter; signs of risk easeSeptember 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.
CFTC chief urges Congress to impose broad oversight on financial derivativesSeptember 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.
SEC, CFTC chiefs urge Congress to impose broad oversight on financial derivativesSeptember 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.
Regulator asks lawmakers to tighten legislation for derivatives oversight beyond Obama planAugust 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.
Administration sends Congress plan for imposing new oversight on shadowy derivatives marketAugust 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.
2 key lawmakers announce agreement on guidelines for legislation to rein in derivativesJuly 31st, 2009 Lawmakers say have accord on derivatives oversightWASHINGTON — Two influential House lawmakers on Thursday announced an agreement on guidelines for legislation to impose broad new oversight on the financial instruments blamed for hastening the global economic crisis. They said the House could vote in September on a bill to regulate derivatives, legislation that is a crucial element of Congress' effort to overhaul the system of financial rules.
Two regulators urge new rules for derivatives; Republicans chafe at constraintsJuly 22nd, 2009 Regulators urge derivatives changesWASHINGTON — Two key federal regulators on Wednesday urged Congress to impose broad new rules on the financial instruments blamed for hastening the global crisis while Republican lawmakers chafed at constraints they said could hurt U.S. firms' competitiveness.
Justice Department confirms probe into credit default swapsJuly 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.
Markit says it is being investigated by US Justice Department over credit default swapsJuly 14th, 2009 Markit says being probed by US DoJLONDON — Trading information services company Markit Group Ltd., said Tuesday it is being investigated by the U.S. Justice Department in relation to the market for credit default swaps.
House chairman says Congress will boost federal regulators' power to monitor derivativesJuly 10th, 2009 Rep. Frank: Congress to clamp down on derivativesWASHINGTON — The chairman of the House Financial Services Committee says that Congress will "substantially" increase the power of federal regulators to monitor derivatives, a type of financial instrument that contributed to the economic turmoil. Rep. Barney Frank, D-Mass., said at a hearing Friday that he cares less about which agency will be given the task than about making sure that it's done.
SEC, CFTC chiefs agree on derivatives oversight as Congress works to overhaul financial rulesJune 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.
House panel divided on oversight for complex financial instruments; key lawmaker urges balanceJune 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.
Treasury asks Congress for authority to clamp down on shadowy derivatives marketMay 14th, 2009 Treasury asks for control of derivatives marketWASHINGTON — The Obama administration is asking Congress to extend its oversight of the financial system to include the shadowy market of derivatives, the kind of complex financial instruments that helped catapult the world into an economic crisis. In a two-page letter sent Wednesday to congressional leaders, Treasury Secretary Timothy Geithner said he wants to create a central electronic-based system that would track the buying and selling of derivatives.
Treasury says it wants to clamp down on credit default swaps, privately traded derivativesMay 13th, 2009 Treasury wants more financial regulationsWASHINGTON — The Obama administration is asking Congress to extend its oversight of the financial system to include the shadowy market of derivatives, the kind of complex financial instruments that helped bring down the giant insurer AIG. In a draft two-page letter to congressional leaders, the Treasury Department says it wants to create a central electronic-based system that would track the buying and selling of derivatives.
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