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Proposals to Reform the OTC Derivatives Market Differ in Certain Key Respects -- Bloomberg Law Reports Securities Law

February 05, 2010

Robert Claassen and Peiyi Zhao

In response to last year's financial crisis, three pieces of legislation have been introduced to tighten regulation of the over-the-counter (OTC) derivatives market. On August 11, 2009, the Obama Administration released its proposal entitled, "OTC Derivatives Markets Act of 2009" (Administration Proposal). On November 11, 2009, the Senate Banking Committee, led by Senator Christopher Dodd, introduced a proposal called, "Restoring American Financial Stability Act of 2009" (Dodd Proposal) to overhaul the financial system, including the OTC derivatives market. On December 11, 2009, the House passed a package of bills named, "Wall Street Reform and Consumer Protection Act" (House Bill), one of which covers the reform of the OTC derivatives market.

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