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September 30, 2013

CFTC Gives Swaps Market More Time to Meet Some Rules

The Commodity Futures Trading Commission gave the swaps market more time to meet certain requirements ahead of a Wednesday deadline for trading platforms.

The CFTC in a series of letters issued late Friday delayed some data and registration requirements of the rules, which are aimed at forcing complex derivatives called swaps into open trading venues. Electronic trading platforms that want to trade swaps have to start complying with new rules Oct. 2.

Industry officials had waged a campaign aimed at persuading the CFTC to delay the rules, arguing that the new standards have been applied too quickly and could throw the market into disarray..

The platforms, called swap execution facilities, or SEFs, are required to create and enforce trading rules to which all traders must agree, but the CFTC said in a letter Friday that SEFs were having trouble getting all their customers signed on before the deadline.”

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Read full Wall Street Journal article here

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