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Wednesday, June 5, 2013

House Members Seek Delay in CFTC Clearing Requirements

Missouri’s five Republican House Members, along with Rep. Rodney Davis (R-IL), wrote to the CFTC yesterday to ask for an extension to the June 10 compliance deadline for the clearing requirements under Title VII of the Dodd-Frank Act.

The letter explained that many institutions process a relatively small number of covered transactions, so they often lack the resources to implement the new requirements in the time allowed. In addition, many institutions “have complained about the readiness of the affirmation platforms they depend on for clearing,” they wrote.

Read the letter.

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