CFTC Exemption Extended for Euro Swaps

Agency grants extension till May 15 for European swap-trading platforms to demonstrate that they don't require U.S. oversight.

The Commodity Futures Trading Commission (CFTC) is giving European swap-trading platforms until May 15 to show they offer sufficient competition between banks and other firms to remain exempt from direct U.S. oversight.

The agency postponed a March 24 deadline to meet pre-trade competition and transparency standards to qualify for exemption from U.S. registration. The conditions were included in a February deal to align regulations for the $693 trillion global swaps market and share oversight between authorities.

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