Goldman Sachs’s new business, courtesy of Dodd-Frank ‘reform’ bill

This may be one reason that Goldman Sachs CEO said “We will be among the biggest beneficiaries of reform”:

Goldman Sachs Group Inc. said Tuesday it has launched a new business to help clients adapt to changes in trading of derivatives, which have come under regulatory scrutiny for their role in the financial crisis.

Goldman Sachs said its Derivatives Clearing Services business will help facilitate a transition to centralized clearing of derivatives trades, including derivatives tied to interest rates, credit, foreign exchange, equity and commodities.

Regulators are writing new rules expected to force banks to trade derivatives on more open exchanges, with third parties serving as intermediaries to prevent manipulation and provide financial guarantees. Derivatives have traditionally been traded in private, over-the-counter deals, with no central agency or database to track the trades.

“In partnership with our clients, regulators and multiple clearing venues, we are committed to improving market structure for derivatives,” said Michael Dawley, a Goldman Sachs managing director and co-head of futures and derivatives clearing services.

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