Reprieve for dealers as CFTC extends business conduct deadline
Ten-week extension comes as welcome surprise to dealers, but industry still has concerns about timing and content of new rules
The Commodity Futures Trading Commission (CFTC) has extended the compliance deadline for new business conduct rules from October 15 to January 1 next year, much to the relief of dealers - and clients that would have been frozen out of the over-the-counter derivatives market if banks had been unable to amend tens of thousands of documents in time.
Dealers argued it would be impossible to make the necessary changes and had been lobbying for an extension, but the reprieve – which arrived on August
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