Testimony Of Robert Pickel Chief Executive Officer International Swaps And Derivatives Association Before The US Senate Committee On Agriculture, Nutrition And Forestry, July 17, 2012
by 17 Jul 18:22
Chairwoman Stabenow, Ranking Member Roberts and Members of the Committee:
Thank you for the opportunity to testify today. In the two years since the passage of the Dodd- Frank Wall Street Reform and Consumer Protection Act, significant progress has been made in three important areas in building a safer, more transparent over-the-counter (OTC) derivatives market and a more robust financial system.
First, as discussed in greater detail below, OTC derivatives market participants have continued to work, in advance of the onset of the new regulatory framework, toward the goals of reducing counterparty credit risk and increasing regulatory transparency.
Second, US policymakers over the past two years have made significant progress in defining and implementing the new regulatory framework. The scale and scope of this undertaking is
considerable, and within that context it is clear that much has been achieved.
Third, progress has also been made on an international level in understanding the need for
regulatory frameworks to be consistent and coordinated across jurisdictions. This is essential to ensure a level playing field for financial markets and financial institutions and to avoid
Click here for full testimony.