CFTC to clamp down on delays in swap clearing
US regulators have run out of patience with swaps confirmation practices that are delaying the submission of trades to clearing houses – a crackdown is in the works. Dealer lobbyists are hoping to soften the blow
Hours-long delays in sending derivatives transactions from trading platforms to clearing houses will have to be slashed under new proposals being drawn up by the US Commodity Futures Trading Commission, Risk has learned.
The delays result from the continued use of affirmation services, in which counterparties confirm the details of a transaction before it is cleared by a central counterparty (CCP) – an unnecessary step for trades executed via platforms, regulators believe.
"The chairman has
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