Goldman Sachs Group Inc., Morgan Stanley and other trading firmswould face higher collateral costs under swaps-market rulesproposed by the U.S. Securities and Exchange Commission.
SEC commissioners voted 5-0 today to seek public comment oncollateral requirements for swaps that remain in theover-the-counter market instead of being settled at third-partyclearinghouses. The proposal, part of the agency's rulemaking underthe Dodd-Frank Act, would also increase capital requirements fordealers of swaps tied to single securities or loans or a narrowindex of swaps.
“These rules are intended to make the financial system safer,and the derivative markets fairer, more efficient and moretransparent,” SEC Chairman Mary Schapiro said at the meeting inWashington.
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