The Group announced a series of initiatives to strengthen oversight and the infrastructure of the OTC derivatives market including the development of credit default swap central counterparties.
The President's Working Group on Financial Markets announced a series of initiatives to strengthen oversight and the infrastructure of the over-the-counter derivatives market.
Initiatives include the development of credit default swap central counterparties, and the establishment of a MoU regarding CDS central counterparties among the Federal Reserve Board of Governors, the SEC and the CFTC.
The PWG also announced a broad set of policy objectives to guide efforts to address the full range of challenges associated with OTC derivatives and issued a progress summary to provide an overview of the results of ongoing efforts to strengthen the infrastructure of OTC derivatives markets.
“The virtually-unregulated over-the-counter market in credit default swaps has played a significant role in the credit crisis, including the now $167 billion taxpayer rescue of AIG”, SEC Chairman Cox said.
PWG press release
MOU
Progress Summary
Policy Objectives
Statement Cox
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