OpRisk Europe: CFTC must extend cross-border deadline, O'Malia says
CFTC commissioner warns lack of clear rules is "a major problem, nearly a crisis"
Speaking at the OpRisk Europe conference in London today, Scott O'Malia, one of five commissioners on the US Commodity Futures Trading Commission (CFTC), said it would be "unacceptable" to let the relief period for the cross-border swap rules mandated under the Dodd-Frank Act expire on schedule next month.
The CFTC gave temporary relief from the rules until July 12, but O'Malia believes that planned guidance for swap dealers on how to comply will not be ready by that deadline.
"I doubt the
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