SEC's Cox says could see OTC market plan by fall

WASHINGTON (Reuters) - U.S. regulators could have a plan for improving the infrastructure of the over-the-counter derivatives market by this autumn, the chairman of the U.S. Securities and Exchange Commission said on Thursday.

The Federal Reserve Bank of New York has a plan to establish a central clearinghouse for firms generating 90 percent of credit swaps activity.

SEC Chairman Christopher Cox told reporters after a House Financial Services Committee hearing that the SEC is very interested in improving this multi-trillion dollar market and wants to do so soon.

"The timeframe for that could be this year, possibly even this fall," Cox said. "Transparency in that market is vitally important."

(Reporting by Karey Wutkowski, editing by Leslie Gevirtz)