Relief Rally next? Financial reform bill about to Pass, voting started at 3:15pm in the Senate
Sen. Dodd plans to drop his plan to offer a compromise amendment on the derivatives provision of the financial regulation and reform bill. These headlines appear to have been misinterpreted as a negative for Financials. However, according to Briefing.com's Special Situations team, the Dodd amendment may have helped the derivative bill pass given its provision calling for a two year study to understand the impact of forcing financial firms to spinoff their derivatives desks. Without the Derivatives compromise, the bill may not have the votes to pass and therefore the derivative piece may be excluded from the Senate's Wall Street Reform bill.