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October 25, 2010 at 08:00 PM
World financial regulators should apply similar capital incentives to over-the-counter (OTC) derivatives trades conducted by banks, broker-dealers and insurers, the Financial Stability Board (FSB) says.
The FSB, Basel, Switzerland, is a body set up to advise the Group of 20 developed countries on strategies for increasing the stability of the world financial system.
The American Council of Life Insurers, Washington, and other world insurance groups have written to the U.S. Treasury Department to ask officials to be aware of the characteristics that distinguish
insurers from banks and other types of financial services companies.
The FSB says in a report on implementing OTC derivatives market changes that it believes regulators should take a consistent approach when applying OTC derivatives market prudential requirements, or financial safety requirements, to insurers as well as to banks and broker-dealers.
