WASHINGTON — Congress should only require mandatory clearing of standardized interdealer over-the-counter derivatives transactions in which at least one of the dealers is systemically significant, the chief executive officer of the International Swaps and Derivatives Association told lawmakers yesterday.

Both the Treasury Department’s proposed legislation and a bill sponsored by the chairmen of the House Financial Services and Agriculture committees would mandate central clearing and exchange trading of standardized derivatives contracts.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.