8 tagged as potential threats to US financial system
If you missed our coverage, here are the top 10 stories of the day.
Federal regulators have tagged eight exchanges and clearinghouses that settle trades as potential threats to the stability of the financial system that need strict government oversight.
They include the Chicago Mercantile Exchange, the Depository Trust Co, the National Securities Clearing Corp and the Options Clearing Corp.
The announcement was made Wednesday by the Financial Stability Oversight Council, a group of the top regulators that includes Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke. The action was mandated by the 2010 financial overhaul law.
The agencies that regulate the exchanges and clearinghouses will set rules for them to manage risks. The move came as the oversight group issued an annual report that identifies the European debt crisis and US money-market mutual funds as risks to US financial stability.