“FTF Panel: Start Preparing Now for OTC Clearing”
Financial Technologies Forum, May 25, 2011
Andrea Kramer told a conference on exchange traded derivatives that for the Dodd-Frank Act to require the SEC and CFTC to develop a regulatory framework for OTC derivatives trading in a year amounted to saying, “Do for the OTC derivatives markets what the equities markets took 70 years to do. That’s clearly the most outrageous irony of Dodd-Frank. It gives new meaning to the word hubris.” Calling deadlines already missed “a danger signal,” Ms. Kramer urged market participants to comment as the rulemaking process continues. “You have to assume that Dodd-Frank will not take care of itself. We need to be part of the process,” she said.