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May 11, 2012

US swaps regulator delays block trading rule

“The US futures and swaps market regulator has responded to concerns expressed by exchanges, delaying a proposed rule that would have limited block trading and forced some contracts to be delisted.”

“The Commodity Futures Trading Commission’s rule, known as core principle nine, would have required that at least 85 per cent of a listed future or swap’s volume to be traded in small lots on an exchange’s floor or electronic order book, rather than in large blocks outside the exchange.”

“One critic said that the CFTC’s delay on the rule was contrary to its broader aim of making prices more visible. “If contracts can continue to trade in multiple platforms in fragmented markets, it’s the antithesis of a transparent market,” said Dennis Kelleher, president of Better Markets, a lobby group.”


Read full Financial Times article here.

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