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Basel regulation or Dodd-Frank regulation?  Basel is forcing the standardization of IMM approached to CCP risk.  Moving it to exchanges is the really hard part.  That's DF.


Fairness has little to do with it.  The largely unregulated derivatives market came with attached externalities which were clearly not priced in.  Many, if not most of the externalities were related to systemic risk associated with bilateral nature of the OTC market.  Title VII may seem heavy-handed, but it addresses real problems the market has had since it's inception.


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