Setting Sights on OTC

Back in May 2009, in a letter addressed to the US Senate, Timothy Geithner, US Secretary of the Treasury, addressed what he referred to as an essential element of reform - the establishment of a comprehensive regulatory framework for over-the-counter derivatives, currently largely excluded or exempted from regulation.

An extract of the letter read: "Government regulation of the OTC derivatives markets should be designed to achieve four broad objectives: preventing activities in those markets from

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