Derivatives exposure 'small'
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.BRITAIN's futures and options specialists yesterday attacked US calls for greater controls over derivatives as ill-conceived, saying worldwide exposure was relatively small, writes Peter Rodgers.
Michael Jenkins, chairman of the trade body, the Futures and Options Association, said calls last week by the US General Accounting Office for an international tightening of regulation ran 'directly against the views of regulatory authorities and banks around the world'. He urged greater reliance on self-regulation and internal controls.
Mr Jenkins said the face value worldwide of derivatives contracts of between dollars 10,000bn and dollars 16,000bn was not related to exposure, which was 'probably quite small, certainly when compared with the exposure generated as a result of real estate lending and Third World loans'.
Speaking on the eve of an international conference on futures and options, Mr Jenkins said compliance with recommendations last year by the Group of 30, a think-tank for financial markets, would have kept recent highly publicised losses by derivatives investors at an acceptable level.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments