WASHINGTON — Banks and major swap users would be limited to 20 percent ownership of derivatives clearinghouses, exchanges and trading platforms under a proposal approved by the Securities and Exchange Commission.
SEC commissioners voted 5-0 Wednesday to approve the proposal, which also would bar groups of banks from owning more than 40 percent of a venue that clears securities-based swaps. The ownership cap, aimed at preventing conflicts of interest in the $615 trillion derivatives market, is similar to a proposal made this month by the Commodity Futures Trading Commission.
“The over-the-counter derivatives markets have a relatively high concentration of market activity through a limited number of dealers,” SEC Chairwoman Mary Schapiro said. Bloomberg News
