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May 16, 2013

U.S. Banks Set to Win Rollback in Dodd-Frank Swap-Trading Rules

JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. and the world’s largest banks are set to win a rollback in final Dodd-Frank Act rules intended to transform the swaps market by increasing competition.

The Commodity Futures Trading Commission’s five members are scheduled to vote in Washington today on rules determining how buyers and sellers must trade credit-default, interest-rate and commodity swaps in a $633 trillion global market. They plan to weaken a proposal by reducing the number of price quotes buyers must seek on swap-execution facilities after banks said a five-quote requirement was onerous and would impair trading.

The vote on the rules represents ‘the start of a process that could eventually lead to a seismic change in trading of over-the-counter derivatives,’ Richard Repetto, an analyst with Sandler O’Neill & Partners LP in New York, said in a telephone interview yesterday. “It is a switch from an opaque, bilateral market to something where there is some price transparency and a more open and automated market.”

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Read full Bloomberg article here

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