“A wave of new delays to financial reforms has been approved by the US derivatives regulator as Wall Street scrambles to meet a year-end deadline for compliance.
Since the start of the month the Commodity Futures Trading Commission has issued 20 letters postponing enforcement of new rules for dealers as the $639tn off-exchange derivatives market is regulated for the first time. This is roughly twice as many “no-action” letters as issued in each full year since 2009, when Gary Gensler became chairman of the agency.
Late Tuesday the CFTC extended a deadline for dealers such as Goldman Sachs, JPMorgan Chase and Morgan Stanley to meet certain new business conduct and documentation rules, from January to as late as July 2013.”
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Read Gregory Meyer’s full Financial Times article here
