Despite extension, banks still fretting over CFTC's business conduct rules
Swap dealers face new rules requiring them to collect extra information from clients and provide them with fresh disclosures. The industry has launched a protocol to ease the task, but with tens of thousands of contracts to be amended – and despite a deadline extension from the Commodity Futures Trading Commission – some clients may be left temporarily unable to trade. Lukas Becker reports
At an open meeting of the US Commodity Futures Trading Commission (CFTC) on January 11, commissioner Jill Sommers was in fighting mood. In her opening remarks, she criticised the agency’s Volcker rule proposal and its final language on swap dealer registration and collateral segregation, which were due to be voted on that day.
But she saved her harshest words for a rule that has been far less controversial – the new external business conduct regime for swap dealers. Rules designed to introduce
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