Obama administration unveils derivatives overhaul

The United States on Wednesday proposed a series of radical reforms to the derivatives industry.

The US Treasury, on behalf of the Obama administration, issued a raft of measures aimed at containing the threat posed by the over-the counter (OTC) derivatives market and enhancing the transparency of the industry.

The opacity of the over-the-counter products is widely seen as a factor in the collapse of American International Group, a beleaguered insurer.

"As the AIG situation has made clear, ma