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Friday, October 12, 2012

Derivatives Rules Create Uncertainty, Senators Say

Sen. Mike Crapo (R-ID) and Senate Banking Committee Ranking Member Richard Shelby (R-AL) wrote to the CFTC regarding the Commission’s rules to implement the Title VII derivatives provisions of the Dodd-Frank Act.
Because the CFTC did not release the key definitions for the rules until recently and has failed to provide sufficient regulatory guidance, there is a great deal of uncertainty about how market participants should comply with these rules. This regulatory uncertainty risks disrupting our OTC [over-the-counter] derivatives and foreign exchange markets and could adversely impact the overall economy.
The Senators asked the CFTC to respond to a series of questions on “the CFTC’s plan for improving the implementation of these rules.”

Read more.

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