Chairman Scott, Ranking Member Scott and Members of the Subcommittee. Thank you for the opportunity to testify today.
I would like to thank the Committee for holding this timely hearing to discuss the ramifications of the last two rule-sets associated with the Group of 20 (G-20) derivatives reforms – bank capital and liquidity rules, and margin requirements for non-cleared derivatives trades. Both will have a profound impact on derivatives end users.
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