CFTC and SEC Request Comments for Derivatives Industry Study

On December 9, the CFTC and the SEC requested comments for a study mandated by the Dodd Frank Act on the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions to be used to describe complex and standardized financial derivatives. The CFTC and the SEC have asked interested parties to respond to a forty-one question survey addressing various topics, including: (i) the calculation of net exposures to complex derivatives, (ii) the current practices concerning standardized computer descriptions of derivatives, and (iii) the need for and implementation of standardized computer descriptions of derivatives. Comments must be submitted to the CFTC by December 31. CFTC Release.