CFTC Stands By Oct. 2 Deadline for Shift to Swaps Markets

Market participants say they need more time to prepare for move to trading on swaps execution facilities.

The U.S. Commodity Futures Trading Commission is poised to deny requests from Wall Street firms for a broad delay of rules requiring they move their swaps transactions onto government-mandated systems by Oct. 2.

Lobbyists representing market participants have asked the CFTC to delay when they must start trading on swap execution facilities, or SEFs, rather than privately in over-the-counter markets, according to letters sent to the regulator. The International Swaps & Derivatives Association and the Securities Industry & Financial Markets Association are among groups that say their members need more time to prepare for the transition.

‘Smooth Transition’

“Market participants would benefit from getting a time-limited extension to allow for a smooth transition to these new execution venues,” O’Malia said in the speech.

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