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Monday, June 10, 2013

ABA, Trade Groups Seek Extension of Swaps Compliance Date

The CFTF should extend by six months its exemptive order on compliance with certain swaps regulation, said ABA, its ABA Securities Association subsidiary and other trade groups. If the order expires as scheduled on July 12, banks active in derivatives markets must begin complying with regulations governing cross-border swaps.

The groups argued that the delay is necessary for market participants to consider the SEC’s cross-border swaps proposal. Failing to delay could also “jeopardize the productive and cooperative efforts underway toward meeting G20 commitments on an international basis,” the groups said.

According to the Politico newspaper last week, three of five CFTC commissioners support extending the exemptive order.

Read the letter.

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