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Daily Archives: January 3, 2009

Order Granting Temporary Exemptions from Sections of the Exchange Act for Broker-Dealers and Exchanges Effecting Transactions in Credit Default Swaps

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[Federal Register: January 2, 2009 (Volume 74, Number 1)] [Notices][Page 133-139] Order Pursuant to Section 36 of the Securities Exchange Act of 1934 Granting Temporary Exemptions From Sections 5 and 6 of the Exchange Act for Broker-Dealers and Exchanges Effecting Transactions in Credit Default Swaps, December 24, 2008.

  • I. Background – “In response to the recent turmoil in the financial markets, the Securities and Exchange Commission (“Commission”) has taken multiple actions to protect investors and ensure the integrity of the nation’s securities markets. Today, we are taking further action designed to address concerns related to the market in credit default swaps (“CDS”). The over-the-counter (“OTC”) market for CDS has been a source of concerns to us and other financial regulators. These concerns include the systemic risk posed by CDS, highlighted by the possible inability of parties to meet their obligations as counterparties and the potential resulting adverse effects on other markets and the financial system.”
  • Related postings on financial system

    • CRS: Presidential Libraries: The Federal System and Related Legislation

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    Presidential Libraries: The Federal System and Related Legislation, Updated November 26, 2008. “Through the National Archives and Records Administration, the federal government currently manages and maintains 12 presidential libraries. Inaugurated with the Presidential Libraries Act of 1955, these entities are privately constructed on behalf of former Presidents and, upon completion, are deeded to the federal… Continue Reading