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Donald F. Donahue, Chairman and Chief Executive Officer, The Depository Trust & Clearing Corporation | May 4, 2010


European and US authorities are moving forward with adopting oversight reforms to ensure financial markets have greater protection from systemic risk and provide tighter supervision of the global over-the-counter derivatives market. As legislators and regulators grapple with these proposed policies, several important questions must be addressed.

Most crucially, how can necessary improvements be implemented in a way consistent with the global nature of these markets? Can global infrastructures for these instruments be preserved? Can a global set of transparency requirements governing these markets be agreed upon, across multiple regulators and jurisdictions?

Download the Congressional Testimony: Consensus is crucial for global OTC ground rules