Dealers seek second business conduct reprieve from CFTC

Less than 1% of counterparties are ready to trade under new regime. Non-compliant firms may be frozen out of the market, banks warn

Dealers have called on the US Commodity Futures Trading Commission (CFTC) to extend the deadline for its external business conduct rules beyond January 1, after an end-November survey revealed less than 1% of clients have completed forms signing them up to the new regime. Without an extension, banks warn many clients will be unable to continue trading.

"We're all not doing very well, to be honest. I think it's consuming the sales forces and regulatory teams at most banks – it really is a problem