US calls for OTC derivatives regulation
The Obama administration on Wednesday unveiled a sweeping plan to regulate over-the-counter derivatives in an attempt to seize greater control over an opaque market that has been blamed for exacerbating the financial crisis.
The move is intended to increase transparency and reduce risk in a market that is worth more than $680,000bn but has so far been largely unregulated because of the laisser-faire regime sanctioned by US authorities at the start of the decade.
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