Netting, really old thing. Found a message I kept in my data cram, without references as usual.
Poster is bert sagara Member 4436732
referring to a piece of James Sinclair.
Maybe that netting law did pass.
Snip to the references to HR1161
(Wish I wuz less clumsy <ng>)
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Email address references for following and understanding the contents of HR1161:
house.gov
"LaFalce Urges Speaker Hastert to Take Immediate Action on Important Netting Legislation"
commdocs.house.gov
"Today's hearings will address three areas?over-the-counter derivatives; hedge funds; and contract netting?where legislative proposals are pending to reduce systemic risk to the financial markets. The legislation, in each case, is based upon recommendations from the President's Working Group on Financial Markets. The Working Group, which consists of the Secretary of the Treasury and Chairmen of the Federal Reserve, the Securities and Exchange Commission, and the Commodity Futures Trading Commission, has creatively examined system-wide issues across the legalistic and jurisdictional divides that normally separate one regulator's thinking from another's."
ustreas.gov
"The President's Working Group on Financial Markets on Tuesday unanimously recommended changes to the Commodities Exchange Act that are designed to create legal certainty in the over-the-counter derivatives markets and reduce systemic risk."
nymex.com
"CHICAGO and NEW YORK, November 9, 1999 - The Chicago Mercantile Exchange (CME), Chicago Board of Trade (CBOT) and New York Mercantile Exchange (NYMEX) today jointly released the following statement in response to today's release of the report of the President's Working Group on Financial Markets:"
fsround.org
"First, let me express the Roundtable's support for H.R. 1161, the Financial Contact Netting Improvement Act of 1999 introduced by Chairman Leach, Ranking Member LaFalce, and Representative Roukema. The purpose of this Act is to strengthen the provisions of the Federal Deposit Insurance Act (FDIA) and bankruptcy laws that protect the enforceability of contractual rights to terminate and close out certain capital markets transactions, net the amounts payable by each party, and foreclose on any collateral."
sec.gov
"H.R. 1161, the "Financial Contract Netting Improvement Act of 1999," includes a number of proposed amendments to the laws that govern the insolvency proceedings for a broker-dealer, bank or other financial institution. Many of these provisions incorporate, or are based on, amendments to statutes that were endorsed by the Working Group in draft legislation previously submitted to Congress" |
