In response to the draft legislation proposed by the US Congress today on regulation of privately negotiated derivatives, the International Swaps and Derivatives Association, Inc. (ISDA) issued the following statement:
“ISDA is appreciative of the recognition by Congress and the Administration that reform of the US financial system is an important part of ensuring a healthy economy,” said Robert Pickel, executive director and chief executive officer, ISDA. “We are examining the details of the draft legislation being especially mindful of the need to preserve the availability and flexibility of privately negotiated derivatives for American companies. Privately negotiated derivatives are important both in order for American companies to manage risk as well as to compete on a global basis. We look forward to working with Congress and with regulators to address these important matters.”
