BIS sizes up derivatives reforms and Basel III progress

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Regulatory reform in the over-the-counter derivatives market is likely to generate a "small positive net macroeconomic impact", according to a report released by the Bank for International Settlements (BIS) yesterday.

The report was produced by the Macroeconomic Assessment Group on Derivatives, set up by the Basel-based OTC Derivatives Coordination Group and chaired by Stephen Cecchetti, the outgoing head of the BIS' monetary and economic department.

The report addresses the mandatory clearing o

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