Trade offs

3 June 2009

JPMorgan, Goldman and others responded to US Treasury boss Tim Geithner s sabrerattling with promises to reduce risk and improve transparency in the nearly $600 trillion market. But much depends on how their broadbrush plans which still invite wrangling are implemented.

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Over two dozen derivatives dealers and buyside market participants proposed a timetable for implementing central clearing of overthecounter derivatives and measures to improve market transparency in a letter dated June 2.

Tim Geithner, US Treasury secretary, wrote lawmakers on May 13 to request changes to the Commodity Exchange Act that would implement the Obama administration's reforms of the OTC derivatives markets.

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