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May 16, 2013

US to pass watered-down derivatives rules

“The US Commodity Futures Trading Commission was set to pass long-awaited derivatives trading rules on Thursday that will preserve voice-based transactions in conjunction with electronic platforms.

The compromise on trading systems is seen as a victory for the established over-the-counter swaps business, which is dominated by global banks and interdealer brokers. It comes after an intense lobbying effort by Wall Street since the Dodd-Frank Act was signed into law nearly three years ago.
 
The final rules for trading on Swap Execution Facilities, seen as a way to reform OTC derivatives without forcing them onto an exchange, have been watered down from the original proposals made in late 2010 by the CFTC.
 
Bart Chilton, one of the five CFTC commissioners said: “What is in front of us today has parts I like, parts I don’t like, that’s what compromise means.””
 
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Read full Financial Times article here
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