Clearing rules put brokerages on a dangerous path, insider says

03/14/2012 | Bloomberg

Gary DeWaal, general counsel at Newedge USA, says new rules to require derivatives trades to be processed through clearinghouses are a threat to the industry. "We are making concessions that will undercut the system and that's a very dangerous path," said DeWaal, a special adviser to the Futures Industry Association. "To a certain extent, as [a futures commissions merchant], we're insuring moral hazard."

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