The OTC derivatives market reform is progressing as both Europe and US prepare for a new regulatory regime in 2010 or after. In Europe, the European Commission has announced its planned future policy actions for derivatives in 2010. These momentous changes focus on credit risk and operation risk, increasing market transparency, and enhancing market integrity and oversight. Meanwhile, in the US, the House Financial Services Committee and the House Committee on Agriculture have prepared separate bills for regulating OTC derivatives and the chairmen are expected to come to a compromise on the bills' differences in the very near future.

Please join Edmund Parker for our next 30-minute teleconference where they will update listeners on these ongoing developments in the OTC derivatives market.

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Mayer Brown's Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm's global resources from multiple practices and offices, the Initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.

Visit Mayer Brown's Financial Market Distress - Resources site for a compilation of links to the latest documents issued by regulatory and other governmental agencies worldwide, and additional commentary by Mayer Brown. Please bookmark it and check back often to stay informed on this rapidly evolving situation.