Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
   
   
   
   

Agricultural News


House Agriculture Committee Assesses Progress of Global Derivatives Reforms

Wed, 29 Jul 2015 15:32:26 CDT

House Agriculture Committee Assesses Progress of Global Derivatives Reforms The House Agriculture Committee Wednesday held a hearing to assess the progress of global derivatives reforms since the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law five years ago. Dodd-Frank imposed sweeping new regulations over the financial industry, including the regulation of swaps under Title VII, which had previously not been regulated in the U.S.


After the 2008 financial crisis, leaders from 19 of the world's largest economies and the European Union (the G-20) formulated a global plan to prevent a similar crisis from reoccurring. They set out five categories of reforms for derivatives products clearing, margining, electronic execution, data reporting, and capital standards to make the markets safer. Title VII of Dodd-Frank was the U.S. effort to implement those reforms.


Since the law's passage five years ago, Members of the Agriculture Committee have repeatedly heard testimony from market participants supportive of the goals of Title VII, but deeply frustrated with the implementation. Today's hearing examined the progress regulators are making in achieving the G-20's goals. Witnesses highlighted the still unresolved impasse over clearinghouse recognition, trade execution requirements that are fragmenting liquidity, reported data that is incomprehensible to regulators, and the U.S. margin and capital rules that are significantly different than international standards.


"The testimony we heard today confirms the committee's concerns over the lack of coordination and harmonization that jeopardizes the implementation of reforms to global swaps markets. Five years have passed since President Obama signed into law the derivatives reforms the G-20 leaders promised to enact. Despite 50 rulemakings by the CFTC, so far, these reforms have not lived up to their promises, and there is a lot of work to be done. Each failure to harmonize rules drives a regulatory wedge between the United States and our global trading partners, needlessly complicating financial markets and weakening the derivatives reforms the G-20 sought to achieve," said Chairman K. Michael Conaway, Chairman of the Agriculture Committee.


Written testimony provided by the witness from Wednesday's hearing is linked below. Click here for more information, including Chairman Conaway's opening statement, and the archived webcast.


Witness List:


Panel I


Mr. Terrence A. Duffy, Executive Chairman & President, CME Group, Chicago, IL - Click here to read his testimony.

Mr. Scott O'Malia, Chief Executive Officer, International Swaps and Derivatives Association, Inc., New York, NY - Click here to read his testimony.

Mr. Christopher S. Edmonds, Senior Vice President, Financial Markets, Intercontinental Exchange, Chicago, IL - Click here to read his testimony.

Mr. Larry E. Thompson, Vice Chairman and General Counsel, Depository Trust and Clearing Corporation, New York, NY - Click here to read his testimony.

Dr. John E. Parsons, Senior Lecturer, MIT Sloan School of Management, Cambridge, MA - Click here to read his testimony.

   

 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • Oklahoma Youth Expo Sale of Champions Sale Order Available Here- Sale Set for 4 PM Friday  Fri, 17 Mar 2023 04:50:54 CDT
  • Rural Voters Dominated Vote to Defeat Recreational Marijuana March 7th  Fri, 10 Mar 2023 07:13:05 CST
  • Ron Hays Talks to Israeli Ag Tour Guide Colin Lotzof About the Miraclel of Ag in Israel  Wed, 22 Feb 2023 22:11:04 CST
  • OALP Members Experience First Hand View of Cutting Edge Drip Irrigation Technology as Israel Travel Ends  Wed, 22 Feb 2023 10:51:49 CST
  • OALP Members Get First Hand View of Cutting Edge Drip Irrigation Technology as Israel Travel Ends  Wed, 22 Feb 2023 10:50:10 CST
  • Oklahoma Ag Leadership Program Sees Fruit, Beef and Dairy Production North of the Sea of Galilee in Israel  Mon, 20 Feb 2023 21:56:02 CST
  • Oklahoma Ag Leadership Program Sees Diverse Farm Operations in Jordan River Valley of Israel  Sun, 19 Feb 2023 21:17:30 CST
  • Israeli Tour Guide Mark Kedem Talks About The Cultural Aspects of What Class XX of OALP is Experiencing   Sat, 18 Feb 2023 22:17:23 CST

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Oklahoma Beef council Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit Ag Mediation Program P&K Equipment Oklahoma City Farm Show Union Mutual Stillwater Milling Oklahoma Cattlemen's Association KIS FUTURES, INC.
       
       
       

    Search OklahomaFarmReport.com

    © 2008-2024 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.