Energy and manufacturing companies won delays in Dodd-Frank Act requirements to report derivatives trades they use to hedge business risks. The so-called end users, who trade as clients of banks including JPMorgan Chase & Co. and Citigroup Inc., need the delay to test data systems, the Commodity Futures Trading Commission said in a press release
yesterday. The rules were to take effect today.
Users of interest-rate and credit swaps will have until July 1 to comply with the reporting rule, according to the CFTC statement. The deadline for users of equity, foreign exchange and other commodity swaps was extended until Aug. 19. Non-financial counterparties gained an extension to Oct. 31 for certain reporting requirements for all swap asset classes.