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September 5, 2012

Regulators Clarify Timing of New Derivatives Rules

“As Wall Street gears up for an overhaul of the $600 trillion derivatives business, big banks have grumbled that regulators failed to specify when the new policies will take effect.

After months of uncertainty, the issue reached a happy conclusion for the banks. Federal authorities now say the new regime will not kick in until Jan. 1, providing clarity and a brief — but important — extension to Wall Street.

Until now, the Commodity Futures Trading Commission had warned banks that they were likely to have to register as so-called swaps dealers by October. The agency’s chairman, Gary Gensler, also recently told Congress that “light will begin to shine on the swaps market,” a prominent area of derivatives trading, this fall.

But last week, Mr. Gensler expressed a more lenient timeline in a private meeting with Wall Street groups, according to people briefed on the meeting. His spokesman, Steve Adamske, confirmed on Wednesday that banks need not become registered swap dealers until January at the earliest.”


Read Ben Protess’ full article here

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