Bloomberg threatens to sue CFTC over swap futures margin
Futurisation sparks struggle between exchanges and Sefs. Bloomberg fears "irreversible harm"
Bloomberg has threatened legal action unless the Commodity Futures Trading Commission (CFTC) evens out margin rules for swaps and futures. Clearing houses are required to assume it will take five days to close out swaps and a single day for futures – prompting exchanges such as CME Group and Ice to launch futures contracts that are economically equivalent to swaps, but which attract a fraction of the margin. That could leave would-be swap execution facilities (Sefs), such as Bloomberg, at a
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