[Updated] After a marathon session of negotiations, Congress has reached a deal on the federal bailout plan. Lawmakers are waiting to see the final details on paper but various news outlets are reporting that congressional leaders say they have reached an agreement on the $700 billion bailout.

Among the provisions: the legislation will dole out the funds in tranches, place limits on any “golden parachutes” for executives at companies that accept bailout money, and set up an oversight board to supervise the program that would be run by the U.S. Treasury.

Now it remains to be seen if the bill will be formally passed and signed into law quickly. And then we’ll see if the stock markets around the world start responding to the legislation. The Wall Street Journal has posted the full text of the draft bill here.