Isda worried about OTC regulation threats
The International Swaps and Derivatives Association is still voicing concern about attempts by US Californian Democrat senator Dianne Feinstein to regulate the energy and commodity derivatives market.
Nevertheless, Feinstein is still proposing changes that will seek to give the Commodity Futures Exchange Commission regulatory oversight of OTC derivatives. Republican senator Richard Lugar, representing Indiana, and Democrat Tom Harkin, representing Iowa, have also introduced proposed OTC regulation that Stacy Carey, Isda policy director, said goes beyond Feinstein’s original proposals. The new regulation could impose a transaction tax, Carey added.
“I don’t understand where some of these ideas originate from,” Bailey said. “Regulators and politicians need to understand how much value they are affecting. There is a tremendous burden on them not to overstep their mark.”
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