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Financial Institutions: Response to the International Swaps and Derivatives Association Position Paper

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Report Type Reports and Testimonies
Report Date June 14, 1994
Report No. T-GGD-94-163
Subject
Summary:

In May 1994, the International Swaps and Derivatives Association issued a position paper on GAO's report on financial derivatives (GAO/GGD-94-133, May 18). Although it believed that GAO's report contained valuable information and useful suggestions, the Association disagreed with several of GAO's conclusions and recommendations, arguing that many of GAO's recommendations were not supported by the facts presented and suggesting that their adoption would raise costs and reduce the availability of derivatives products. GAO recommended extending basic regulatory safeguards and prudent corporate governance to the currently unregulated major derivatives dealers, improving the regulatory oversight of bank derivatives dealers, and increasing accountability for major end-users of complex derivatives and improved disclosure and accounting standards for users of derivatives. This testimony outlines GAO's responses to the Association's positions.

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