Transparency is a buzzword that has been frequently used — and abused — in the context of regulatory reform.

The current Senate bill is founded on the notion that "100% transparency" can only be accomplished by moving all derivatives and foreign exchange trading to exchanges and clearing houses regulated by the CFTC, with a further requirement that all banks move such trading to a separate entity. Such extreme remedies are unnecessary and misdirect focus from the key problems that led to the collapse of markets and financial institutions.

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