View all text of Part A [§ 8301 - § 8308]

§ 8307. Studies
(a) Study on effects of position limits on trading on exchanges in the United States
(1) Study
(2) Report to the Congress
(3) Required hearing
(4) Biennial reporting
(b) Study on feasibility of requiring use of standardized algorithmic descriptions for financial derivatives
(1) In general
(2) GoalsThe algorithmic descriptions defined in the study shall be designed to facilitate computerized analysis of individual derivative contracts and to calculate net exposures to complex derivatives. The algorithmic descriptions shall be optimized for simultaneous use by—
(A) commercial users and traders of derivatives;
(B) derivative clearing houses, exchanges and electronic trading platforms;
(C) trade repositories and regulator investigations of market activities; and
(D) systemic risk regulators.
The study will also examine the extent to which the algorithmic description, together with standardized and extensible legal definitions, may serve as the binding legal definition of derivative contracts. The study will examine the logistics of possible implementations of standardized algorithmic descriptions for derivatives contracts. The study shall be limited to electronic formats for exchange of derivative contract descriptions and will not contemplate disclosure of proprietary valuation models.
(3) International coordination
(4) Report
(c) International swap regulation
(1) In generalThe Commodity Futures Trading Commission and the Securities and Exchange Commission shall jointly conduct a study—
(A) relating to—
(i) swap regulation in the United States, Asia, and Europe; and
(ii) clearing house and clearing agency regulation in the United States, Asia, and Europe; and
(B) that identifies areas of regulation that are similar in the United States, Asia and Europe and other areas of regulation that could be harmonized 2
2 So in original. Probably should be followed by a period.
(2) ReportNot later than 18 months after July 21, 2010, the Commodity Futures Trading Commission and the Securities and Exchange Commission shall submit to the Committee on Agriculture, Nutrition, and Forestry and the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Agriculture and the Committee on Financial Services of the House of Representatives a report that includes a description of the results of the study under subsection (a), including—
(A) identification of the major exchanges and their regulator in each geographic area for the trading of swaps and security-based swaps including a listing of the major contracts and their trading volumes and notional values as well as identification of the major swap dealers participating in such markets;
(B) identification of the major clearing houses and clearing agencies and their regulator in each geographic area for the clearing of swaps and security-based swaps, including a listing of the major contracts and the clearing volumes and notional values as well as identification of the major clearing members of such clearing houses and clearing agencies in such markets;
(C) a description of the comparative methods of clearing swaps in the United States, Asia, and Europe; and
(D) a description of the various systems used for establishing margin on individual swaps, security-based swaps, and swap portfolios.
(d) Stable value contracts
(1) Determination
(A) Status
(B) Regulations
(C) Legal certainty
(2) Definition
(Pub. L. 111–203, title VII, § 719, July 21, 2010, 124 Stat. 1654.)