野村資本市場研究所|米国のOTCデリバティブ規制改革-改革の全体像と課題-(PDF)

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1 2012 Winter OTC 1. OTC CDS OTC 3. OTC OTC OTC OTC OTC 132

2 1 CFTC SEC IT OTC OTC CDS OTC AIG CFTC SEC OTC OTC 1 2 OTC OTC CDS BIS BIS

3 2012 Winter OTC OTC swap execution facilityswap data repository CFTC SEC OTC 2 eligible contract participant OTC OTC security based swap agreement OTC CFTC SEC CFTC broad-based security indexswap 3SEC investment company , FCM 2,500 <5,000 > 1,000 <1,000 > < > 134

4 narrow-based security indexsecurity based swap mixed swap CFTC SEC CFTC derivatives clearing organization SEC clearing agency 1 CFTC OTC OTC 4 OTC 4 OTC 135

5 2012 Winter 5 CFTC SEC CFTC SEC CFTC SEC 30 5 or CFTC 136

6 3 financial entity CFTC SEC CFTC SEC CFTC SEC financial integrity FRB FDICOCC CFTC SEC OCC 2 4 OTC 3 4 PE OCC, Unfunded Mandates Reform Act Impact Analysis for Swaps Margin and Capital Rule, April 15,

7 2012 Winter OTC OTC CFTC LEI legal entity identifier ID unique product identifier ID unique swap identifier LEI SIFMA AFME

8 ID ISDA ID 6 CFTC SEC FSOC CFTC SEC CFTC FRB 2. FDIC 5 6 LEI LEI 2011 ISDA, Product Representation for Standardized Derivatives, White Paper, April 14,

9 2012 Winter FDIC

10 619 solely FRB FDIC FRB federal assistance 716 FDIC FDIC FDIC CDS FDIC FDIC 8 CFTC SEC 8 Congressional Record, Senate, July 15, 2010, S5903-S

11 2012 Winter 9 OTC 8 CFTC DTCC DTCC TIW EDRR DTCC ISDA 9 8 OTC CME, Ice to launch repositories rivalling the DTCC, Risk.net, August 15, 2011 CME SEC CFTC CME CME ICE USICE ICE LCH IDCHNYPC NYMEX CBOT NGXMGE 11 Testimony Before the House Committee on Appropriations, Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies, Chairman Gary Gensler March 17,

12 EFETnet DTCC ICE CME 12 Iberclear EU REGIS-TR Regis-TR 13 CFTC CFTC FSOC financial market utility804 LCH FRB 15 9 CFTC CFTC CFTC 12 CME, Ice to launch repositories rivalling the DTCC, Risk.net, August 15, Obstacles facing dealers' dream of a global OTC data repository, Risk, Sep 5, Meeting between federal reserve staff and representatives of LCH.Clearnet and rich feuer group, December 15,

13 2012 Winter FSOC FRB CFTC SEC CFTC SEC FSOC FRB FRB FSOC OTC CFTC SEC 16 CFTC SEC 4 CFTC SEC CFTC 17 SEC 722 (d) 16 OTC 2011 OTC

14 CFTC CFTC CFTC SEC CFTC 722 (d) NY lawmakers urge regulators to reconsider derivatives rule that would hurt U.S. competitiveness, May 18, Testimony before the u.s. house committee on agriculture, Washington, DC, Chairman Gary Gensler, June 21,

15 2012 Winter G EU OTC EMIR MiFID EU OTC OTC 20 OTC OTC III

16 1 147

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