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July 9, 2013

CFTC Weighs Delay of Swaps Rules

The head of the Commodity Futures Trading Commission is proposing to partially delay controversial cross-border derivatives rules slated to go into effect Friday, according to people familiar with the negotiations.

The move is an about-face for CFTC Chairman Gary Gensler, who previously refused to delay a requirement that U.S. banks operating abroad comply with U.S. swaps rules, despite mounting pleas from fellow commissioners, lawmakers and overseas policy makers. Mr. Gensler now is floating a compromise that would implement some provisions almost immediately and delay others until the end of the year, said the people familiar with the negotiations.”

“The agency may vote as soon as Friday on the rules, which require that firms trading derivatives hold more capital and post collateral to a clearinghouse that secures the deal.

Mr. Gensler’s proposal comes after a tense meeting last week with Treasury Secretary Jacob Lew and Securities and Exchange Commission Chairman Mary Jo White. Mr. Lew pressed Mr. Gensler and Ms. White to better coordinate adoption and implementation of U.S. swaps rules, according to people familiar with the meeting. Mr. Lew has received complaints from policy makers and others about a lack of coordination between U.S. and foreign governments.”


Read full Wall Street Journal article here

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