May 14 (Bloomberg) -- Over-the-counter derivatives, which helped trigger the collapse of Lehman Brothers Holdings Inc. and American International Group Inc., will need to be traded through transparent exchanges to avert catastrophic losses, the head of Canada’s main equities and derivatives market said.
“We were pretty close to a meltdown and I actually think listed marketplaces with multilateral clearing are part of the answer,” TMX Group Inc. Chief Executive Officer Thomas Kloet said in an interview yesterday in New York. Regulators “have to address that,” he said.
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