Regulators on Tuesday took a major step toward reining in risky Wall Street trading, approving new rules aimed at preventing a repeat of the financial crisis. The rules, stemming from the Dodd-Frank financial regulatory law, will give regulators more control over the $700 trillion derivatives industry, an opaque business that was blamed for many of the ills of the 2008 crisis. While regulators have spent more than two years retooling the sector, the latest reforms laid crucial building blocks for the remaining aspects of the Wall Street overhaul. More in the New York Times here.
