Floor trader confusion holding back new swap market-makers
Non-banks fear rules restrict non-cleared swap trading
A lack of clarity around the Commodity Futures Trading Commission's (CFTC) floor trader exemption is one of the key issues holding back non-banks from acting as swap market-makers, claim market participants.
The US regulator's floor trader exemption allows principal trading firms (PTFs) to act as market-makers in the cleared, electronically traded interbank swap market without having to register as a swap dealer, which would place extra compliance, capital, margin and reporting requirements on
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