don't expect any help from finreg. this is from gene arensberg's new report:

Some analysts as well as policy makers had hoped that the current financial regulation bill, the one just passed by the House and being contemplated by the Senate, would force banks to separate out their derivatives (including futures and swaps) trading to outside subsidiaries which would have required more capital and would have made that part of the business more transparent.

If anyone was actually thinking that “FinReg” was going to make any big changes, then
think again. Consider this quote from Jill Schlesinger at CBS News:
“Derivatives Industry: Hours after the bill was announced, one derivatives trader told me, "Well, it could've been a lot worse!" The industry lobbied hard against Senator Blanche Lincoln's efforts to force the spin-off of all derivatives from banks. In the end, the provision allowed interest-rate swaps, foreign exchange swaps, and gold and
silver swaps to remain at the big banks. That means that of the $615 trillion over-thecounter market, almost $500 trillion will be exempt.” (Emphasis ours.)
For bullet points on the revised bill try this link to an Associated Press summary.
Consider the matter closed as far as the gold and silver derivatives markets are concerned.

If the bill passes the Senate following the current short recess, that is. The Big Banks are still in the driver’s seat and look to retain their dominance unless there are actually any substantive changes to futures, forwards and options trading proposed or imposed by the Commodities Futures Trading Commission (CFTC) later this year. We are not all that hopeful there will be any such changes, not that we ever were hopeful there would be.

http://treo.typepad.com/got_gold_report/2010/07/20100704GGRUpdatePDF.pdf