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.

The extension was provided for platforms "to consider the clarifications and amended conditions" needed to gain a longer-term exemption, the agency's division of market oversight said in a letter released yesterday.

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