In the wake of MF Global’s bankruptcy proceedings, industry associations found themselves in a tough position, said Willa Bruckner, partner in the firm’s Financial Services & Products Group.
“A lot of the trade associations represent the big dealers, rather than the other side of the market. They have to be careful in their response because it’s their side of the market that appears to have created the problem,” she said.
But because Dodd-Frank used the futures model for the over-the-counter swaps market, Bruckner added, the industry needs to respond.
“A lot of the trade associations represent the big dealers, rather than the other side of the market. They have to be careful in their response because it’s their side of the market that appears to have created the problem,” she said.
But because Dodd-Frank used the futures model for the over-the-counter swaps market, Bruckner added, the industry needs to respond.