Derivatives use on the increase

24 Mar 2003

Use of derivatives by US commercial banks saw growth of $2.9 trillion in Q4, 2002 to $56.1tr, according to the latest Bank Derivatives Report from the US Office of Comptroller of the Currency (OCC).

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"While we support its overall direction, a number of the requirements in the review are needlessly oppressive, particularly the proposed limits on execution-only business and bilateral execution. Additionally, the swathe of costly disclosure obligations is more likely to confuse than inform customers.”

The FOA's Anthony Belchambers responds to the EC's Mifid review.