Page:United States Statutes at Large Volume 124.djvu/1682

 124 STAT. 1656 PUBLIC LAW 111–203—JULY 21, 2010 definitions, may serve as the binding legal definition of deriva- tive contracts. The study will examine the logistics of possible implementations of standardized algorithmic descriptions for derivatives contracts. The study shall be limited to electronic formats for exchange of derivative contract descriptions and will not contemplate disclosure of proprietary valuation models. (3) INTERNATIONAL COORDINATION.—In conducting the study, the Securities and Exchange Commission and the Com- modity Futures Trading Commission shall coordinate the study with international financial institutions and regulators as appropriate and practical. (4) REPORT.—Within 8 months after the date of the enact- ment of this Act, the Securities and Exchange Commission and the Commodity Futures Trading Commission shall jointly submit to the Committees on Agriculture and on Financial Services of the House of Representatives and the Committees on Agriculture, Nutrition, and Forestry and on Banking, Housing, and Urban Affairs of the Senate a written report which contains the results of the study required by paragraphs (1) through (3). (c) INTERNATIONAL SWAP REGULATION.— (1) IN GENERAL.—The Commodity Futures Trading Commission and the Securities and Exchange Commission shall jointly conduct a study— (A) relating to— (i) swap regulation in the United States, Asia, and Europe; and (ii) clearing house and clearing agency regulation in the United States, Asia, and Europe; and (B) that identifies areas of regulation that are similar in the United States, Asia and Europe and other areas of regulation that could be harmonized (2) REPORT.—Not later than 18 months after the date of enactment of this Act, the Commodity Futures Trading Commission and the Securities and Exchange Commission shall submit to the Committee on Agriculture, Nutrition, and For- estry and the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Agriculture and the Committee on Financial Services of the House of Represent- atives a report that includes a description of the results of the study under subsection (a), including— (A) identification of the major exchanges and their regulator in each geographic area for the trading of swaps and security-based swaps including a listing of the major contracts and their trading volumes and notional values as well as identification of the major swap dealers partici- pating in such markets; (B) identification of the major clearing houses and clearing agencies and their regulator in each geographic area for the clearing of swaps and security-based swaps, including a listing of the major contracts and the clearing volumes and notional values as well as identification of the major clearing members of such clearing houses and clearing agencies in such markets; (C) a description of the comparative methods of clearing swaps in the United States, Asia, and Europe; and Study.