E.U. Derivatives Reform

It is an often-quoted truism that when America sneezes Europe catches a cold. The U.S. sneezed with the Dodd-Frank Act in July 2010 and, on Sept. 15 (the second anniversary of Lehman Brother's bankruptcy), the European Commission responded with the publication of its much-anticipated draft legislation for overhauling the OTC derivatives market. Europe, at least for the moment, appears to be in rude health.