On February 1, the CFTC and the SEC submitted to Congress a Joint Report on International Swap Regulation. Mandated under Section 719(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the report describes the regulation of swaps and security-based swaps in the United States, Asia and Europe and identifies areas of regulation that are similar and other areas of regulation that can be harmonized. As required by section 719(c), the report also identifies major dealers, exchanges, clearinghouses, clearing members, and regulators in each geographic area and lists the major contracts (including trading volumes, clearing volumes, and notional values), the methods for clearing swaps, and the systems used for setting margin in each geographic area.
A copy of the Report can be found here.
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