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ARTICLE · 14 SEPTEMBER 2009

Regulation Of Derivatives — An Update

McCarthy Tétrault
McCarthy Tétrault
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In our previous articles on the Regulation of Credit Default Swaps, published on September 26, 2008 and November 28, 2008, we described how regulators in the United States and Canada were addressing the issues of systemic risk and the instability of the financial system attributed to credit default swaps in the aftermath of the financial credit crisis that started in the summer of 2007.

CanadaFinance and Banking
Edward Kerwin
Edward Kerwin
Candace Pallone
Candace Pallone
Henry Wiercinski
Henry Wiercinski
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In our previous articles on the Regulation of Credit Default Swaps, published on September 26, 2008 and November 28, 2008, we described how regulators in the United States and Canada were addressing the issues of systemic risk and the instability of the financial system attributed to credit default swaps in the aftermath of the financial credit crisis that started in the summer of 2007. While there are many areas in which regulation is seen to be necessary, the largely unregulated, privately negotiated, over-the-counter (OTC) derivatives market, which includes credit default swaps, is receiving the most attention.

On May 13, 2009, Secretary of the US Treasury Timothy F. Geithner sent a letter to US congressional leaders outlining proposed amendments to the Commodity Exchange Act, securities laws and other relevant laws that Secretary Geithner believes are needed to enable the US government to effectively regulate the OTC derivatives markets. In June, the US

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